Novocure (NASDAQ:NVCR) Hits New 12-Month High at $97.09

Novocure Ltd (NASDAQ:NVCR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $97.09 and last traded at $97.09, with a volume of 2253 shares trading hands. The stock had previously closed at $94.32.

A number of brokerages have recently issued reports on NVCR. TheStreet upgraded Novocure from a “d” rating to a “c-” rating in a research report on Friday, July 26th. Zacks Investment Research lowered Novocure from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 31st. ValuEngine upgraded Novocure from a “buy” rating to a “strong-buy” rating in a report on Friday, July 26th. SunTrust Banks upgraded Novocure from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Finally, BidaskClub upgraded Novocure from a “buy” rating to a “strong-buy” rating in a report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $68.00.

The business has a fifty day simple moving average of $77.33 and a two-hundred day simple moving average of $57.49. The company has a current ratio of 5.03, a quick ratio of 4.68 and a debt-to-equity ratio of 1.01. The company has a market cap of $9.26 billion, a PE ratio of -141.57 and a beta of 2.46.

Novocure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.06. Novocure had a negative return on equity of 31.80% and a negative net margin of 13.84%. The business had revenue of $86.70 million for the quarter, compared to analyst estimates of $78.98 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. The company’s quarterly revenue was up 41.0% compared to the same quarter last year. Equities analysts expect that Novocure Ltd will post -0.22 EPS for the current year.

In other news, Director Charles G. Phillips III sold 95,100 shares of Novocure stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $52.17, for a total transaction of $4,961,367.00. Following the transaction, the director now owns 59,504 shares in the company, valued at approximately $3,104,323.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gabriel Leung sold 5,000 shares of Novocure stock in a transaction on Monday, August 12th. The stock was sold at an average price of $86.45, for a total value of $432,250.00. Following the transaction, 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 quarter, insiders have sold 748,966 shares of company stock worth $44,624,183. Insiders own 5.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd raised its holdings in shares of Novocure by 1,337.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 503 shares of the medical equipment provider’s stock worth $32,000 after acquiring an additional 468 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Novocure during the 2nd quarter worth about $66,000. Tower Research Capital LLC TRC increased its position in shares of Novocure by 560.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,320 shares of the medical equipment provider’s stock worth $83,000 after purchasing an additional 1,120 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Novocure by 27.9% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,702 shares of the medical equipment provider’s stock worth $106,000 after purchasing an additional 371 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Novocure during the 2nd quarter worth about $241,000. Institutional investors and hedge funds own 65.11% of the company’s stock.

About Novocure (NASDAQ:NVCR)

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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