Cortina Asset Management LLC Takes Position in NovoCure Limited (NVCR)
Cortina Asset Management LLC bought a new stake in shares of NovoCure Limited (NASDAQ:NVCR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 257,520 shares of the medical equipment provider’s stock, valued at approximately $5,112,000. Cortina Asset Management LLC owned approximately 0.29% of NovoCure Limited at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can boosted its position in NovoCure Limited by 1,919.7% during the 2nd quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock valued at $122,000 after acquiring an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in NovoCure Limited by 792.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock valued at $125,000 after acquiring an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in NovoCure Limited during the 2nd quarter valued at $126,000. TIAA FSB bought a new stake in NovoCure Limited during the 2nd quarter valued at $238,000. Finally, Legal & General Group Plc boosted its position in NovoCure Limited by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock valued at $238,000 after acquiring an additional 1,092 shares in the last quarter. 38.55% of the stock is currently owned by institutional investors and hedge funds.
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In related news, insider Yoram Palti sold 60,000 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $21.06, for a total value of $1,263,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Asaf Danziger sold 37,272 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $22.01, for a total value of $820,356.72. Following the completion of the transaction, the chief executive officer now owns 776,862 shares of the company’s stock, valued at approximately $17,098,732.62. The disclosure for this sale can be found here. Insiders sold a total of 299,953 shares of company stock valued at $6,278,763 in the last three months. Insiders own 16.70% of the company’s stock.
Shares of NovoCure Limited (NASDAQ NVCR) opened at $18.80 on Friday. The company has a current ratio of 5.90, a quick ratio of 5.30 and a debt-to-equity ratio of 0.83. NovoCure Limited has a 52-week low of $6.00 and a 52-week high of $22.30.
NovoCure Limited (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.07. The firm had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The business’s quarterly revenue was up 130.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.39) EPS. sell-side analysts anticipate that NovoCure Limited will post -0.65 EPS for the current fiscal year.
NVCR has been the subject of a number of recent analyst reports. Zacks Investment Research cut NovoCure Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. J P Morgan Chase & Co reissued a “buy” rating on shares of NovoCure Limited in a research report on Monday. Wedbush reissued an “outperform” rating and issued a $25.00 price objective (down previously from $29.00) on shares of NovoCure Limited in a research report on Friday, October 27th. Mizuho initiated coverage on NovoCure Limited in a research report on Wednesday, September 6th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, BidaskClub raised NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $21.00.
NovoCure Limited Profile
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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