NovoCure Limited (NVCR) Shares Up 2%
NovoCure Limited (NASDAQ:NVCR) shares shot up 2% on Tuesday . The stock traded as high as $18.20 and last traded at $18.00. 329,401 shares traded hands during trading, a decline of 64% from the average session volume of 921,709 shares. The stock had previously closed at $17.65.
Several research firms recently weighed in on NVCR. Zacks Investment Research cut shares of NovoCure Limited from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub cut shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG restated a “hold” rating and set a $19.00 price target (up from $18.00) on shares of NovoCure Limited in a report on Monday, July 17th. Finally, Mizuho began coverage on shares of NovoCure Limited in a report on Wednesday, September 6th. They set a “buy” rating and a $25.00 price target on the stock. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $20.14.
The company has a 50 day moving average of $20.03 and a 200 day moving average of $16.32. The company’s market cap is $1.60 billion.
NovoCure Limited (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The company had revenue of $38.38 million for the quarter, compared to analysts’ expectations of $42.20 million. NovoCure Limited had a negative net margin of 75.91% and a negative return on equity of 69.48%. On average, equities research analysts forecast that NovoCure Limited will post ($0.77) EPS for the current year.
In other news, CEO Asaf Danziger sold 35,500 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $22.01, for a total transaction of $781,355.00. Following the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at approximately $17,098,732.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 73,672 shares of company stock worth $1,621,557. Insiders own 16.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NVCR. Goldman Sachs Group Inc. boosted its holdings in shares of NovoCure Limited by 6,617.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,988,007 shares of the medical equipment provider’s stock valued at $86,293,000 after acquiring an additional 4,913,755 shares during the last quarter. FMR LLC boosted its holdings in shares of NovoCure Limited by 50.4% in the second quarter. FMR LLC now owns 6,888,120 shares of the medical equipment provider’s stock worth $119,165,000 after buying an additional 2,309,559 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of NovoCure Limited by 40.5% in the second quarter. Vanguard Group Inc. now owns 4,283,862 shares of the medical equipment provider’s stock worth $74,111,000 after buying an additional 1,235,922 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new position in shares of NovoCure Limited in the second quarter worth approximately $14,308,000. Finally, PointState Capital LP purchased a new position in shares of NovoCure Limited in the second quarter worth approximately $5,744,000. 36.84% of the stock is currently owned by hedge funds and other institutional investors.
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NovoCure Limited Company 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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