NovoCure (NASDAQ:NVCR) Director Sells $46,442.65 in Stock

NovoCure Limited (NASDAQ:NVCR) Director Timothy Scannell sold 2,945 shares of NovoCure stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the transaction, the director directly owned 14,288 shares in the company, valued at approximately $225,321.76. The trade was a 17.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

NovoCure Stock Performance

Shares of NVCR opened at $17.16 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.70 and a current ratio of 2.90. NovoCure Limited has a twelve month low of $9.82 and a twelve month high of $19.25. The firm’s 50 day moving average price is $14.40 and its two-hundred day moving average price is $13.22. The firm has a market cap of $1.99 billion, a P/E ratio of -11.22 and a beta of 0.93.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). The company had revenue of $174.06 million during the quarter, compared to the consensus estimate of $167.77 million. NovoCure had a negative net margin of 25.66% and a negative return on equity of 50.82%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.31) EPS. On average, analysts forecast that NovoCure Limited will post -1.55 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Weiss Ratings raised shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Evercore reissued an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. HC Wainwright boosted their price objective on shares of NovoCure from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Wedbush reissued a “neutral” rating and issued a $18.00 price objective on shares of NovoCure in a research report on Thursday, April 16th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.29.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new position in NovoCure during the fourth quarter worth $33,000. Kestra Advisory Services LLC acquired a new position in NovoCure during the fourth quarter worth $49,000. Larson Financial Group LLC increased its holdings in NovoCure by 662.1% during the third quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock worth $53,000 after buying an additional 3,562 shares during the last quarter. Headlands Technologies LLC acquired a new position in NovoCure during the second quarter worth $88,000. Finally, Acadian Asset Management LLC acquired a new position in NovoCure during the first quarter worth $87,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.