Novocure Ltd (NVCR) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Novocure Ltd (NASDAQ:NVCR) from a hold rating to a buy rating in a research note published on Tuesday, May 2nd. The firm currently has $13.00 target price on the medical equipment provider’s stock.
According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “
NVCR has been the topic of several other reports. Wedbush reissued an outperform rating and set a $20.00 target price on shares of Novocure in a research report on Friday, April 7th. Wells Fargo & Co downgraded shares of Novocure from an outperform rating to a market perform rating in a research report on Wednesday, January 11th. JMP Securities reissued an outperform rating and set a $34.00 target price on shares of Novocure in a research report on Tuesday, April 4th. JPMorgan Chase & Co. reissued a buy rating and set a $14.00 target price on shares of Novocure in a research report on Sunday, February 26th. Finally, Aegis reissued a buy rating and set a $14.00 target price on shares of Novocure in a research report on Tuesday, March 28th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Novocure has a consensus rating of Hold and a consensus price target of $16.43.
Novocure (NASDAQ:NVCR) traded down 0.42% on Tuesday, reaching $11.80. 262,507 shares of the company’s stock traded hands. Novocure has a 12 month low of $5.95 and a 12 month high of $14.30. The firm’s 50 day moving average price is $10.53 and its 200 day moving average price is $8.34. The company’s market cap is $1.04 billion.
Novocure (NASDAQ:NVCR) last posted its earnings results on Thursday, April 27th. The medical equipment provider reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.04. The firm had revenue of $34.88 million for the quarter, compared to the consensus estimate of $39.46 million. Novocure had a negative net margin of 219.29% and a negative return on equity of 69.89%. On average, equities analysts expect that Novocure will post ($0.80) EPS for the current fiscal year.
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In other Novocure news, Director Gert L. Perlhagen purchased 125,000 shares of the stock in a transaction dated Tuesday, March 14th. The shares were bought at an average cost of $6.93 per share, with a total value of $866,250.00. Following the completion of the transaction, the director now owns 6,125,000 shares in the company, valued at approximately $42,446,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Yoram Palti sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $10.72, for a total value of $42,880.00. Following the completion of the sale, the chief technology officer now directly owns 143,825 shares in the company, valued at $1,541,804. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,000 shares of company stock worth $1,031,520. 33.90% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in NVCR. Peregrine Capital Management LLC bought a new stake in Novocure during the third quarter valued at $7,988,000. Tamarack Advisers LP bought a new stake in Novocure during the third quarter valued at $6,557,000. Highline Capital Management L.P. boosted its stake in Novocure by 3.5% in the third quarter. Highline Capital Management L.P. now owns 1,818,079 shares of the medical equipment provider’s stock valued at $15,526,000 after buying an additional 62,200 shares during the last quarter. Courage Capital Management LLC bought a new stake in Novocure during the third quarter valued at $4,270,000. Finally, Flinton Capital Management LLC bought a new stake in Novocure during the fourth quarter valued at $111,000. Institutional investors and hedge funds own 21.98% of the company’s stock.
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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