NovoCure (NASDAQ:NVCR) Shares Gap Up – Time to Buy?

NovoCure Limited (NASDAQ:NVCR)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $17.78, but opened at $21.46. NovoCure shares last traded at $18.70, with a volume of 2,999,479 shares traded.

Analyst Ratings Changes

A number of equities analysts recently commented on NVCR shares. Wells Fargo & Company reduced their price objective on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Wedbush reiterated an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Evercore ISI reduced their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 1st. Finally, HC Wainwright upgraded NovoCure from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $30.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Price Performance

The company has a quick ratio of 6.22, a current ratio of 6.46 and a debt-to-equity ratio of 1.81. The company has a market cap of $1.96 billion, a PE ratio of -10.73 and a beta of 0.70. The stock has a 50-day simple moving average of $17.17 and a 200 day simple moving average of $17.71.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. During the same quarter in the previous year, the business earned ($0.54) earnings per share. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. Equities analysts expect that NovoCure Limited will post -1.34 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently bought and sold shares of NVCR. Vanguard Group Inc. lifted its stake in NovoCure by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock worth $145,703,000 after acquiring an additional 122,105 shares in the last quarter. GAMMA Investing LLC increased its holdings in NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 2,118 shares during the period. Counterpoint Mutual Funds LLC increased its holdings in NovoCure by 69.2% during the 1st quarter. Counterpoint Mutual Funds LLC now owns 47,646 shares of the medical equipment provider’s stock worth $745,000 after purchasing an additional 19,489 shares during the period. Taylor Frigon Capital Management LLC increased its holdings in NovoCure by 31.0% during the 1st quarter. Taylor Frigon Capital Management LLC now owns 126,914 shares of the medical equipment provider’s stock worth $1,984,000 after purchasing an additional 30,057 shares during the period. Finally, SpiderRock Advisors LLC purchased a new stake in NovoCure during the 1st quarter worth about $1,375,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

About NovoCure

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, Germany, Japan, Greater China, and internationally. The company’s TTFields devices include Optune Gio and Optune Lua.