Rivian (NASDAQ: RIVN ) stock is a hot topic on Tuesday after Evercore ISI weighed in on the electric vehicle (EV) company’s shares. The big news here is Evercore ISI’s analysts reiterating their “outperform” rating for RIVN stock. The firm’s analysts said the following about Rivian in a note to clients obtained by CNBC . “Ahead of our visit, after Q3, we have updated our model with the latest in management’s comments around the crucial ’24 gross margin bridge which will see substantial architectural/technology improvements during the mid-year shutdown/line transition.” Investors will note that Evercore ISI is remaining bullish on RIVN stock after upgrading the shares to “outperform” back in October . That came with a price target of $35 per share. That’s still a higher target than the current analysts’ consensus estimate of $28.95 per share. RIVN Stock Rises on Lease News To go along with the reiterated rating from Evercore ISI, Rivian has announced an expanded leasing program for its R1T electric pickup truck.
Novocure (NASDAQ: NVCR ) layoffs are in the news after the company announced that it will be cutting 13% of its workers in a restructuring effort. Those layoffs will see the oncology company reducing its headcount by 200 workers. Doing so will drop its residual operating expenses by about $60 million. Novocure expects to suffer a roughly $7 million charge in the fourth quarter of 2023 as a result of these job cuts. Asaf Danziger, CEO of Novocure, said the following about the layoffs. “The initiatives announced today prioritize growth and maintain financial health and flexibility as we position our company for future profitability. These decisions were difficult, yet essential. With a more focused organization, we are confident that these initiatives will bolster Novocure’s position, enabling us to unlock our long-term potential and fulfill our mission.” The Novocure layoffs come alongside changes to its portfolio prioritization. This will see the company focus on clinical trials TRIDENT, KEYNOTE D58 and LUNAR-2.
Novocure announces strategic restructuring plan and layoffs, aiming to reduce expenses.
Novocure (NASDAQ: NVCR) today announced a series of actions to strengthen and optimize business operations to support near-term growth drivers and long-term value creation. The plan includes an expected reduction in residual operating expenses of approximately $60 million, enabling the Company to fund future growth priorities without an associated increase in expected forward operating cash burn.
ROOT, Switzerland--(BUSINESS WIRE)---- $NVCR--Novocure announced today that management will participate in the 35th Annual Piper Sandler Healthcare Conference on Wednesday, November 29, 2023.
NovoCure (NVCR) is pursuing growth through expanding markets served, clinical trials for different cancers, and investments in marketing and SG&A. Read more here.
Novocure (NASDAQ: NVCR) today announced that research on Tumor Treating Fields (TTFields) therapy, including new data from the phase 2 2-THE-TOP trial and real-world evidence from patients diagnosed with glioblastoma (GBM) and other central nervous system tumors (CNS), will be presented at the 2023 Society for Neuro-Oncology (SNO) Annual Meeting from Nov. 16 to Nov. 19 in Vancouver, Canada.
NovoCure (NASDAQ:NVCR – Get Free Report) issued its earnings results on Thursday. The medical equipment provider reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.05, Briefing.com reports. NovoCure had a negative net margin of 39.14% and a negative return on equity of 45.91%. The business had revenue of $127.30 million […]
Investors weren''t particularly pleased with the company''s third-quarter performance.