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NovoCures Shares Surge Following Wells Fargo Upgrade Based on Positive Phase 3 Readout
On May 16, 2023, NovoCure‘s shares saw a surge in trading activity following an upgrade from Wells Fargo. The stock was upgraded from Equal-Weight to Overweight, based on a positive Phase 3 readout for the company’s Tumor Treating Fields (TTFields) therapy. Lawrence Biegelsen, an analyst at Wells Fargo, predicts that the stock could see upside in the event of a “sufficiently clean” LUNAR readout, which could support approval for TTFields as a second-line option. Additionally, Biegelsen highlighted the potential of TTFields as a first-line option, which could boost the company’s DCF analysis. In light of these factors, the price target for NovoCure was raised from $70 to $104. As of May 16, 2023, the stock’s price closed at $82.00, marking a gain of 5.37% compared to the previous day’s closing price.
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Novocure Limited (NVCR) Stock Analysis: Positive Movement on May 16, 2023, but Negative Earnings Growth and Slow Revenue Growth Remain a Concern
On May 16, 2023, Novocure Limited (NVCR) opened at $82.01, up from the previous day’s close of $77.85. Throughout the day, the stock fluctuated between a low of $78.51 and a high of $83.27, with a volume of 20,685 shares traded.
NVCR’s market cap currently stands at $7.8 billion, with a price-to-sales ratio of 14.27 and a price-to-book ratio of 17.60. The company’s earnings growth has been negative over the past two years, with a decline of 56.73% last year and a further drop of 124.03% this year. However, analysts predict a modest earnings growth of 2.00% over the next five years.
NVCR’s revenue growth has also been slow, with only a 0.53% increase last year.
NVCR operates in the health technology and medical specialties categories. The company is headquartered in St. Helier, Jersey, and does not currently have any executives listed.
Looking ahead, NVCR’s next reporting date is set for July 27, 2023. Analysts predict an EPS forecast of -$0.48 for this quarter.
Overall, NVCR’s stock price showed some positive movement on May 16, 2023, with an opening price higher than the previous day’s close. However, the company’s negative earnings growth and slow revenue growth may continue to impact its stock performance in the long term.
Novocure Ltd (NVCR) Stock Analysis: Positive Ratings from Analysts, But 12-Month Forecasts Show Mixed Results
On May 16, 2023, Novocure Ltd (NVCR) stock was trading at a price of $81.10. The company had been receiving positive ratings from investment analysts, with a consensus to buy the stock. However, the 12-month price forecasts from 7 analysts showed a median target of $67.00, with a high estimate of $115.00 and a low estimate of $38.00. Novocure Ltd had reported earnings per share of -$0.48 and sales of $127.0M for the current quarter. The consensus rating for Novocure Ltd had been upgraded from a sell rating in May, indicating that the company had been making progress and attracting more positive attention from analysts.
