Frank Leonard Sells 34,273 Shares of NovoCure (NASDAQ:NVCR) Stock

NovoCure Limited (NASDAQ:NVCR) CEO Frank Leonard sold 34,273 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $17.93, for a total transaction of $614,514.89. Following the completion of the transaction, the chief executive officer owned 459,520 shares in the company, valued at approximately $8,239,193.60. This represents a 6.94% 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 Down 4.6%

Shares of NVCR stock opened at $17.16 on Friday. NovoCure Limited has a 12 month low of $9.82 and a 12 month high of $19.25. The stock has a market cap of $1.99 billion, a P/E ratio of -11.22 and a beta of 0.93. The company has a current ratio of 2.90, a quick ratio of 2.70 and a debt-to-equity ratio of 0.71. The company has a 50 day simple moving average of $14.40 and a two-hundred day simple moving average of $13.22.

NovoCure (NASDAQ:NVCR) last posted 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). NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The firm had revenue of $174.06 million during the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the previous year, the company earned ($0.31) earnings per share. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, research analysts expect that NovoCure Limited will post -1.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NVCR. Wells Fargo & Company upped their target price 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 restated an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. Weiss Ratings upgraded shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Wedbush reiterated a “neutral” rating and set a $18.00 price objective on shares of NovoCure in a research report on Thursday, April 16th. Finally, HC Wainwright increased their price objective on shares of NovoCure from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NovoCure presently has an average rating of “Hold” and a consensus target price of $27.29.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System raised its stake in shares of NovoCure by 3.0% in the third quarter. Arizona State Retirement System now owns 31,313 shares of the medical equipment provider’s stock valued at $405,000 after acquiring an additional 916 shares during the period. Larson Financial Group LLC raised its stake in shares of NovoCure by 25.2% in the fourth quarter. Larson Financial Group LLC now owns 5,133 shares of the medical equipment provider’s stock valued at $66,000 after acquiring an additional 1,033 shares during the period. Alliancebernstein L.P. raised its stake in shares of NovoCure by 0.8% in the third quarter. Alliancebernstein L.P. now owns 137,106 shares of the medical equipment provider’s stock valued at $1,771,000 after acquiring an additional 1,076 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in NovoCure by 25.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock worth $70,000 after buying an additional 1,120 shares during the period. Finally, Strs Ohio increased its stake in NovoCure by 2.2% in the 1st quarter. Strs Ohio now owns 59,400 shares of the medical equipment provider’s stock worth $647,000 after buying an additional 1,300 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.