12 Best Medical Device Stocks to Buy According to Analysts

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3. NovoCure Limited (NASDAQ:NVCR

Analyst Upside: 147.08%

Number of Hedge Fund Holders: 23

NovoCure Limited (NASDAQ:NVCR) is one of the best medical device stocks to buy according to analysts. Leerink Partners analyst Jonathan Chang reiterated a Buy rating on NovoCure Limited (NASDAQ:NVCR) on July 24, setting a price target of $33.00.

The analyst told investors that NovoCure Limited (NASDAQ:NVCR) reported solid results for fiscal Q2 2025, exceeding revenue expectations with a total of $158.8 million. This growth was attributed to a rise in active patient numbers across major markets, suggesting solid demand for the products.

Chang added that despite the initial mixed metrics for the launch of Optune Lua in non-small cell lung cancer (NSCLC), prescriptions and active patients underwent a notable growth, suggesting potential for future growth.

NovoCure Limited (NASDAQ:NVCR) develops, manufactures, and commercializes Optune to treat a number of solid tumors. The company’s platform is called Tumor Treating Field, and it employs electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.

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