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NovoCure (NASDAQ:NVCR) Shares Gap Up to $70.06

Financial News Live ·  11/30/2022 01:12

Shares of NovoCure Limited (NASDAQ:NVCR – Get Rating) gapped up prior to trading on Tuesday . The stock had previously closed at $70.06, but opened at $74.72. NovoCure shares last traded at $75.48, with a volume of 6,083 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. HC Wainwright dropped their target price on shares of NovoCure from $115.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, October 28th. Truist Financial dropped their target price on shares of NovoCure from $105.00 to $102.00 and set a "buy" rating on the stock in a research note on Friday, October 28th. Wells Fargo & Company upgraded shares of NovoCure from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $74.00 to $89.00 in a research note on Tuesday. Piper Sandler downgraded shares of NovoCure from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $90.00 to $70.00 in a research note on Monday, October 24th. Finally, StockNews.com assumed coverage on shares of NovoCure in a research note on Wednesday, October 12th. They issued a "hold" rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, NovoCure currently has a consensus rating of "Moderate Buy" and an average price target of $102.00.

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NovoCure Trading Up 6.8 %

The company has a quick ratio of 7.62, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. The stock's 50 day moving average price is $75.36 and its 200-day moving average price is $75.59. The stock has a market capitalization of $7.85 billion, a P/E ratio of -98.02 and a beta of 0.75.

NovoCure (NASDAQ:NVCR – Get Rating) last released its quarterly earnings data on Thursday, October 27th. The medical equipment provider reported ($0.25) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.30) by $0.05. The firm had revenue of $131.00 million for the quarter, compared to the consensus estimate of $134.83 million. NovoCure had a negative net margin of 15.05% and a negative return on equity of 18.85%. As a group, equities research analysts expect that NovoCure Limited will post -0.84 earnings per share for the current year.

Insider Buying and Selling at NovoCure

In other NovoCure news, insider Frank X. Leonard sold 1,863 shares of the firm's stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $88.00, for a total value of $163,944.00. Following the completion of the sale, the insider now directly owns 84,150 shares in the company, valued at $7,405,200. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other NovoCure news, insider Frank X. Leonard sold 6,754 shares of the firm's stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $77.00, for a total value of $520,058.00. Following the completion of the sale, the insider now directly owns 63,888 shares in the company, valued at $4,919,376. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Frank X. Leonard sold 1,863 shares of the firm's stock in a transaction on Friday, September 9th. The stock was sold at an average price of $88.00, for a total transaction of $163,944.00. Following the completion of the transaction, the insider now directly owns 84,150 shares of the company's stock, valued at approximately $7,405,200. The disclosure for this sale can be found here. Insiders sold a total of 41,150 shares of company stock worth $3,375,859 over the last three months. Corporate insiders own 6.22% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky purchased a new position in shares of NovoCure in the third quarter worth $6,974,000. Neuberger Berman Group LLC raised its holdings in shares of NovoCure by 61.0% in the third quarter. Neuberger Berman Group LLC now owns 5,444 shares of the medical equipment provider's stock worth $414,000 after buying an additional 2,062 shares during the last quarter. Algert Global LLC purchased a new position in shares of NovoCure in the third quarter worth $510,000. Vanguard Group Inc. raised its holdings in shares of NovoCure by 1.6% in the third quarter. Vanguard Group Inc. now owns 8,238,835 shares of the medical equipment provider's stock worth $625,986,000 after buying an additional 129,096 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of NovoCure by 1.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,371,986 shares of the medical equipment provider's stock worth $180,225,000 after buying an additional 40,619 shares during the last quarter. Hedge funds and other institutional investors own 76.45% of the company's stock.

NovoCure Company Profile

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NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Europe, the Middle East, Africa, Japan, and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.

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