NovoCure Target of Unusually Large Options Trading (NASDAQ:NVCR)

Posted by on Jun 24th, 2023

NovoCure Limited (NASDAQ:NVCR – Get Rating) was the recipient of some unusual options trading activity on Friday. Stock investors bought 4,752 call options on the stock. This is an increase of 168% compared to the average daily volume of 1,774 call options.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NVCR shares. Wedbush upgraded NovoCure from an “underperform” rating to a “neutral” rating and dropped their price objective for the stock from $53.00 to $46.00 in a report on Tuesday, June 6th. They noted that the move was a valuation call. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $50.00 price target (down previously from $99.00) on shares of NovoCure in a research note on Friday, March 17th. Piper Sandler reduced their price objective on shares of NovoCure from $67.00 to $62.00 in a research report on Wednesday, June 7th. StockNews.com initiated coverage on shares of NovoCure in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, HC Wainwright cut their target price on shares of NovoCure from $115.00 to $85.00 in a research note on Wednesday, June 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, NovoCure presently has an average rating of “Hold” and a consensus price target of $72.00.

NovoCure Trading Down 5.8 %

NASDAQ:NVCR opened at $41.77 on Friday. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -31.17 and a beta of 0.80. The company has a quick ratio of 7.11, a current ratio of 7.32 and a debt-to-equity ratio of 1.31. The company’s 50 day moving average price is $63.89 and its 200-day moving average price is $72.57. NovoCure has a 52 week low of $41.50 and a 52 week high of $120.03.

NovoCure (NASDAQ:NVCR – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The medical equipment provider reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.14). The business had revenue of $122.20 million for the quarter, compared to analysts’ expectations of $127.93 million. NovoCure had a negative net margin of 26.98% and a negative return on equity of 32.03%. The company’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period last year, the business earned ($0.04) earnings per share. On average, equities research analysts forecast that NovoCure will post -1.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. McElhenny Sheffield Capital Management LLC purchased a new position in shares of NovoCure in the fourth quarter worth approximately $32,000. Whittier Trust Co. bought a new stake in shares of NovoCure during the 4th quarter valued at $54,000. Lazard Asset Management LLC increased its stake in shares of NovoCure by 12,975.0% in the 3rd quarter. Lazard Asset Management LLC now owns 1,046 shares of the medical equipment provider’s stock worth $79,000 after purchasing an additional 1,038 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in NovoCure by 34.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,429 shares of the medical equipment provider’s stock worth $86,000 after purchasing an additional 363 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in NovoCure by 79.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,470 shares of the medical equipment provider’s stock valued at $88,000 after purchasing an additional 650 shares in the last quarter. Institutional investors own 83.08% of the company’s stock.

About NovoCure

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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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