NovoCure Limited (NVCR) Trading Down 0% After Insider Selling
NovoCure Limited (NASDAQ:NVCR) shares dropped 0% during trading on Tuesday following insider selling activity. The stock traded as low as $19.90 and last traded at $20.40. Approximately 837,440 shares were traded during trading, a decline of 23% from the average daily volume of 1,090,000 shares. The stock had previously closed at $20.40.
Specifically, CEO Asaf Danziger sold 35,500 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total value of $781,355.00. Following the completion of the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michael J. Ambrogi sold 1,200 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $22.00, for a total value of $26,400.00. Following the completion of the sale, the chief operating officer now directly owns 24,987 shares of the company’s stock, valued at approximately $549,714. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,034 shares of company stock worth $3,801,545. Company insiders own 16.70% of the company’s stock.
Several research firms have issued reports on NVCR. BidaskClub cut NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research raised NovoCure Limited from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Tuesday, October 31st. Deutsche Bank AG reissued a “hold” rating and set a $19.00 target price (up previously from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Mizuho began coverage on NovoCure Limited in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price for the company. Finally, Wedbush reissued an “outperform” rating and set a $25.00 target price (down previously from $29.00) on shares of NovoCure Limited in a research note on Friday, October 27th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $21.00.
The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30.
NovoCure Limited (NASDAQ:NVCR) last released its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.07. The firm had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. NovoCure Limited’s revenue was up 130.9% compared to the same quarter last year. During the same period last year, the business posted ($0.39) earnings per share. research analysts predict that NovoCure Limited will post -0.63 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its holdings 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 worth $122,000 after buying an additional 6,719 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings 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 worth $125,000 after buying an additional 6,419 shares during the last quarter. Nisa Investment Advisors LLC purchased a new stake in NovoCure Limited during the 2nd quarter worth about $126,000. Fox Run Management L.L.C. purchased a new stake in NovoCure Limited during the 2nd quarter worth about $225,000. Finally, TIAA FSB purchased a new stake in NovoCure Limited during the 2nd quarter worth about $238,000. Hedge funds and other institutional investors own 35.88% of the company’s stock.
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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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