Novocure (NASDAQ:NVCR) Price Target Raised to $44.00 at JPMorgan Chase & Co.
Novocure (NASDAQ:NVCR) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $30.00 to $44.00 in a report issued on Friday, July 27th. The firm presently has an “overweight” rating on the medical equipment provider’s stock. JPMorgan Chase & Co.’s price target would indicate a potential upside of 22.39% from the company’s current price.
Other analysts have also issued research reports about the company. Zacks Investment Research raised Novocure from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, April 26th. BidaskClub raised Novocure from a “hold” rating to a “buy” rating in a report on Tuesday, April 24th. Deutsche Bank raised Novocure from a “hold” rating to a “buy” rating and cut their price target for the company from $23.80 to $19.00 in a report on Thursday, April 19th. Mizuho reissued a “buy” rating and set a $32.00 price target (up previously from $28.00) on shares of Novocure in a report on Wednesday, April 18th. Finally, ValuEngine raised Novocure from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $34.67.
Shares of NVCR traded up $1.00 during trading hours on Friday, hitting $35.95. The stock had a trading volume of 347,032 shares, compared to its average volume of 742,440. The company has a debt-to-equity ratio of 1.33, a current ratio of 6.41 and a quick ratio of 5.97. Novocure has a 12 month low of $16.10 and a 12 month high of $38.65. The firm has a market capitalization of $3.25 billion, a P/E ratio of -51.36 and a beta of 3.10.
In related news, COO Michael J. Ambrogi sold 57,390 shares of the business’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $31.48, for a total value of $1,806,637.20. Following the sale, the chief operating officer now directly owns 174,383 shares in the company, valued at $5,489,576.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Wilhelmus Cm Groenhuysen sold 1,241 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $35.01, for a total value of $43,447.41. Following the completion of the sale, the chief financial officer now owns 115,644 shares in the company, valued at $4,048,696.44. The disclosure for this sale can be found here. Insiders sold 998,174 shares of company stock worth $29,971,650 over the last quarter. 15.30% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Novocure by 23.5% during the fourth quarter. Bank of New York Mellon Corp now owns 250,707 shares of the medical equipment provider’s stock valued at $5,065,000 after purchasing an additional 47,676 shares during the period. Geode Capital Management LLC raised its position in Novocure by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 176,000 shares of the medical equipment provider’s stock valued at $3,555,000 after purchasing an additional 3,823 shares during the period. Renaissance Technologies LLC purchased a new stake in Novocure during the fourth quarter valued at approximately $5,177,000. Deutsche Bank AG raised its position in Novocure by 400.8% during the fourth quarter. Deutsche Bank AG now owns 285,290 shares of the medical equipment provider’s stock valued at $5,761,000 after purchasing an additional 228,319 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in Novocure during the fourth quarter valued at approximately $211,000. Institutional investors own 46.87% 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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