NovoCure Limited (NVCR)’s Stock Is Buy After Forming Multiple Top Chart Pattern

January 21, 2018 - By Adrian Mccoy

The stock of NovoCure Limited (NVCR) shows a multiple tops pattern with $22.37 target or 6.00 % above today’s $21.10 share price. The 9 months chart pattern indicates low risk for the $1.89 billion company. It was reported on Jan, 21 by Finviz.com. If the $22.37 price target is reached, the company will be worth $113.16 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 1.93% or $0.4 during the last trading session, reaching $21.1. About 729,873 shares traded. NovoCure Limited (NASDAQ:NVCR) has declined 0.43% since January 21, 2017 and is downtrending. It has underperformed by 17.13% the S&P500.

Analysts await NovoCure Limited (NASDAQ:NVCR) to report earnings on February, 22. They expect $-0.14 EPS, up 46.15 % or $0.12 from last year’s $-0.26 per share. After $-0.13 actual EPS reported by NovoCure Limited for the previous quarter, Wall Street now forecasts 7.69 % negative EPS growth.

NovoCure Limited (NASDAQ:NVCR) Ratings Coverage

Among 5 analysts covering NovoCure (NASDAQ:NVCR), 3 have Buy rating, 1 Sell and 1 Hold. Therefore 60% are positive. NovoCure has $43 highest and $16 lowest target. $27.20’s average target is 28.91% above currents $21.1 stock price. NovoCure had 6 analyst reports since October 27, 2015 according to SRatingsIntel. The firm earned “Market Outperform” rating on Tuesday, October 27 by JMP Securities. The stock of NovoCure Limited (NASDAQ:NVCR) has “Underweight” rating given on Tuesday, January 19 by Barclays Capital. The stock of NovoCure Limited (NASDAQ:NVCR) has “Outperform” rating given on Tuesday, October 27 by Wedbush. JP Morgan initiated NovoCure Limited (NASDAQ:NVCR) rating on Tuesday, October 27. JP Morgan has “Overweight” rating and $29 target. On Friday, July 29 the stock rating was maintained by Wedbush with “Outperform”. Deutsche Bank initiated the stock with “Hold” rating in Wednesday, December 2 report.

More notable recent NovoCure Limited (NASDAQ:NVCR) news were published by: Marketwatch.com which released: “Novocure Ltd. stock surges nearly 50% after positive late-stage trial results …” on April 03, 2017, also Gurufocus.com with their article: “Novocure Ltd (NVCR) CEO Asaf Danziger Sold $7.5 million of Shares” published on January 16, 2018, Fool.com published: “Here’s Why NovoCure Ltd. Is Skyrocketing Today” on April 03, 2017. More interesting news about NovoCure Limited (NASDAQ:NVCR) were released by: Benzinga.com and their article: “Jim Cramer Gives His Opinion On Novocure, Barnes & Noble And PACCAR” published on October 23, 2017 as well as Nasdaq.com‘s news article titled: “NovoCure Reaches Analyst Target Price” with publication date: September 14, 2017.

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