Oppenheimer Initiates Coverage on Novocure (NASDAQ:NVCR)

Analysts at Oppenheimer started coverage on shares of Novocure (NASDAQ:NVCR) in a research report issued on Friday, June 28th, The Fly reports. The firm set an “outperform” rating and a $75.00 price target on the medical equipment provider’s stock. Oppenheimer’s price target points to a potential upside of 8.08% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. SunTrust Banks assumed coverage on Zoetis in a research report on Tuesday, March 19th. They set a “hold” rating and a $100.00 price target on the stock. Wells Fargo & Co set a $47.00 target price on Perrigo and gave the stock a “hold” rating in a research note on Thursday, February 28th. JPMorgan Chase & Co. restated a “buy” rating on shares of Novocure in a research note on Sunday, May 26th. Zacks Investment Research cut Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, ValuEngine upgraded XOMA from a “sell” rating to a “hold” rating in a research note on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $53.25.

NASDAQ NVCR traded down $1.63 during trading on Friday, reaching $69.39. 865,043 shares of the company’s stock were exchanged, compared to its average volume of 831,706. The firm’s 50 day simple moving average is $60.66. The firm has a market capitalization of $6.65 billion, a PE ratio of -100.57 and a beta of 2.44. The company has a quick ratio of 4.39, a current ratio of 4.73 and a debt-to-equity ratio of 1.27. Novocure has a fifty-two week low of $26.02 and a fifty-two week high of $72.59.

Novocure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). Novocure had a negative return on equity of 47.23% and a negative net margin of 20.42%. The firm had revenue of $73.31 million for the quarter, compared to the consensus estimate of $72.85 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue was up 40.6% compared to the same quarter last year. On average, analysts forecast that Novocure will post -0.17 earnings per share for the current year.

In other Novocure news, Chairman William F. Doyle sold 29,966 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $45.21, for a total transaction of $1,354,762.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pritesh Shah sold 1,204 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $43.80, for a total value of $52,735.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 846,470 shares of company stock valued at $48,223,770. 5.60% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Taylor Frigon Capital Management LLC raised its stake in shares of Novocure by 9.7% during the second quarter. Taylor Frigon Capital Management LLC now owns 46,599 shares of the medical equipment provider’s stock valued at $2,946,000 after acquiring an additional 4,110 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Novocure during the second quarter valued at about $241,000. Cortina Asset Management LLC increased its position in shares of Novocure by 13.0% during the second quarter. Cortina Asset Management LLC now owns 141,352 shares of the medical equipment provider’s stock valued at $8,938,000 after buying an additional 16,291 shares during the period. Cerebellum GP LLC purchased a new position in shares of Novocure during the first quarter valued at about $300,000. Finally, Trexquant Investment LP increased its position in shares of Novocure by 355.1% during the first quarter. Trexquant Investment LP now owns 32,438 shares of the medical equipment provider’s stock valued at $1,563,000 after buying an additional 25,310 shares during the period. Institutional investors own 65.34% of the company’s stock.

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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The Fly

Analyst Recommendations for Novocure (NASDAQ:NVCR)

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