Nationwide Fund Advisors Grows Position in NovoCure Limited (NVCR)
Nationwide Fund Advisors increased its stake in NovoCure Limited (NASDAQ:NVCR) by 11.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,717 shares of the medical equipment provider’s stock after buying an additional 3,436 shares during the period. Nationwide Fund Advisors’ holdings in NovoCure Limited were worth $566,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in NovoCure Limited by 1,919.7% in the second quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock worth $122,000 after buying an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in NovoCure Limited by 792.5% in the second quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock worth $125,000 after buying an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in NovoCure Limited in the second quarter worth about $126,000. Fox Run Management L.L.C. bought a new position in NovoCure Limited in the second quarter worth about $225,000. Finally, Legal & General Group Plc raised its stake in NovoCure Limited by 8.5% in the second quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock worth $238,000 after buying an additional 1,092 shares in the last quarter. 36.20% of the stock is owned by institutional investors.
A number of equities analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $25.00 price target (down from $29.00) on shares of NovoCure Limited in a research note on Friday, October 27th. Zacks Investment Research raised shares of NovoCure Limited from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Tuesday. BidaskClub downgraded shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reissued a “hold” rating and issued a $19.00 price target (up from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Finally, Mizuho assumed coverage on shares of NovoCure Limited in a research note on Wednesday, September 6th. They issued a “buy” rating and a $25.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $21.00.
In other news, CEO Asaf Danziger sold 37,272 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $22.01, for a total value of $820,356.72. Following the completion of the sale, the chief executive officer now owns 776,862 shares in the company, valued at approximately $17,098,732.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael J. Ambrogi sold 24,327 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.01, for a total transaction of $535,437.27. Following the completion of the sale, the chief operating officer now owns 49,514 shares of the company’s stock, valued at approximately $1,089,803.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,134 shares of company stock valued at $2,996,345. Company insiders own 16.70% of the company’s stock.
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NovoCure Limited (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.07. NovoCure Limited had a negative net margin of 47.45% and a negative return on equity of 57.68%. The business had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. During the same quarter in the previous year, the business posted ($0.39) EPS. The company’s quarterly revenue was up 130.9% compared to the same quarter last year.
About NovoCure Limited
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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