Novocure Ltd (NASDAQ:NVCR) Receives $75.80 Consensus Price Target from Brokerages

Novocure Ltd (NASDAQ:NVCR) has been assigned a consensus rating of “Buy” from the eleven research firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $75.80.

Several equities analysts have recently weighed in on NVCR shares. Oppenheimer set a $85.00 price objective on shares of Novocure and gave the stock a “buy” rating in a research note on Friday, July 26th. SunTrust Banks upgraded shares of Novocure from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. cut shares of Novocure from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $61.00 to $79.00 in a research note on Friday, July 26th. Zacks Investment Research cut shares of Novocure from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Wedbush cut shares of Novocure from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $57.00 to $80.00 in a research note on Friday, July 26th.

In other Novocure news, insider Pritesh Shah sold 7,020 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $83.00, for a total transaction of $582,660.00. Following the sale, the insider now owns 82,091 shares in the company, valued at approximately $6,813,553. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gabriel Leung sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $86.45, for a total transaction of $432,250.00. Following the sale, the director now owns 74,504 shares in the company, valued at approximately $6,440,870.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 748,966 shares of company stock worth $44,624,183. 5.60% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in Novocure by 31.7% in the 4th quarter. Raymond James & Associates now owns 7,113 shares of the medical equipment provider’s stock worth $238,000 after purchasing an additional 1,714 shares during the last quarter. Geode Capital Management LLC raised its position in Novocure by 22.1% in the 4th quarter. Geode Capital Management LLC now owns 336,588 shares of the medical equipment provider’s stock worth $11,268,000 after purchasing an additional 60,942 shares during the last quarter. Bank of America Corp DE raised its position in Novocure by 23.1% in the 4th quarter. Bank of America Corp DE now owns 60,657 shares of the medical equipment provider’s stock worth $2,031,000 after purchasing an additional 11,378 shares during the last quarter. Jane Street Group LLC bought a new position in Novocure in the 4th quarter worth approximately $442,000. Finally, Legal & General Group Plc raised its position in Novocure by 14.9% in the 4th quarter. Legal & General Group Plc now owns 32,192 shares of the medical equipment provider’s stock worth $1,078,000 after purchasing an additional 4,165 shares during the last quarter. Hedge funds and other institutional investors own 63.98% of the company’s stock.

Shares of NASDAQ:NVCR traded up $3.23 during trading on Friday, hitting $93.72. The company’s stock had a trading volume of 1,032,800 shares, compared to its average volume of 965,750. The company has a 50-day moving average of $74.81 and a 200-day moving average of $56.70. Novocure has a 12 month low of $26.02 and a 12 month high of $94.55. The company has a debt-to-equity ratio of 1.01, a current ratio of 5.03 and a quick ratio of 4.68. The firm has a market cap of $8.48 billion, a price-to-earnings ratio of -135.83 and a beta of 2.46.

Novocure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.06. Novocure had a negative net margin of 13.84% and a negative return on equity of 31.80%. The firm had revenue of $86.70 million for the quarter, compared to analysts’ expectations of $78.98 million. During the same quarter in the prior year, the business earned ($0.17) EPS. The business’s quarterly revenue was up 41.0% on a year-over-year basis. As a group, research analysts anticipate that Novocure will post -0.22 earnings per share for the current year.

About Novocure

Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.

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Analyst Recommendations for Novocure (NASDAQ:NVCR)

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