Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in NovoCure Limited (NASDAQ:NVCR – Get Rating) by 51.9% in the third quarter, according to its recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,233 shares of the medical-device maker after purchasing an additional 2,471 shares during the quarter. The holdings of Sumitomo Mitsui DS Asset Management Company Ltd. in NovoCure was worth $550,000 at the time of the most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently been buying and selling shares of the stock. Capital International Sarl increased its position in NovoCure by 11.3% in the first quarter. Capital International Sarl now owns 51,581 shares of the medical device company valued at $4,273,000 after purchasing an additional 5,237 shares during the period. UBS Asset Management Americas Inc. increased its position in NovoCure by 38.0% in the second quarter. UBS Asset Management Americas Inc. now owns 430,820 shares of the medical device maker, valued at $29,942,000, after purchasing an additional 118,577 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in NovoCure by 3.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 266,777 shares of the medical device company valued at $18,541,000 after purchasing an additional 8,933 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding SA acquired a new stake in NovoCure valued at approximately $224,000 in Q1. Finally, United Capital Financial Advisers LLC increased its position in NovoCure by 2.2% during the second quarter. United Capital Financial Advisers LLC now owns 8,072 shares of the medical device company valued at $561,000 after purchasing an additional 172 shares during the period. Hedge funds and other institutional investors own 78.42% of the company’s shares.
NovoCure stock up 2.6%
Shares of NVCR stock opened at $73.35 on Friday. The stock’s 50-day simple moving average is $74.46 and its 200-day simple moving average is $75.69. The company has a debt to equity ratio of 1.27, a quick ratio of 7.62 and a current ratio of 7.81. NovoCure Limited has a 12-month low of $56.39 and a 12-month high of $90.98. The company has a market cap of $7.70 billion, a price-to-earnings ratio of -95.26 and a beta of 0.77.
NovoCure (NASDAQ:NVCR – Get Rating) last released its quarterly earnings data on Thursday, October 27th. The medical equipment maker reported earnings per share of ($0.25) for the quarter, beating analyst consensus estimates of ($0.30) by $0.05. The company had revenue of $131.00 million for the quarter compared to the consensus estimate of $134.83 million. NovoCure had a negative return on equity of 18.85% and a negative net margin of 15.05%. As a group, research analysts are forecasting that NovoCure Limited will post -0.84 EPS for the year to date.
Analyst upgrades and downgrades
Several equity analysts have recently published reports on the company. Wells Fargo & Company upgraded NovoCure from an “equal weight” rating to an “overweight” rating in a report Tuesday, November 29, and raised the company’s price target to $89.00 from $74.00. Piper Sandler lowered NovoCure from an “overweight” rating to a “neutral” rating in a report on Monday, October 24, and lowered the price target on the company to $70.00 from $90.00. Truist Financial has lowered its target price on NovoCure to $102.00 from $105.00 and gave the company a “buy” rating in a report issued on Friday, October 28. StockNews.com reported on NovoCure in a report on Wednesday October 12th. They give the company a “hold” rating. Finally, HC Wainwright lowered its price target on NovoCure to $100.00 from $115.00 and gave the company a “buy” rating in a report on Friday, October 28. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, NovoCure currently has an average rating of “Moderate Buy” and a consensus target of $102.00.
Insiders place their bets
In other news from NovoCure, insider Frank X. Leonard sold 6,754 shares of NovoCure in a transaction that took place on Thursday, October 6th. The stock sold at an average price of $84.37 for a total value of $569,834.98. Following the transaction, the insider now directly owns 50,380 shares of the company’s stock valued at approximately $4,250,560.60. The sale was disclosed in a document filed with the SEC, which can be accessed at this link. Company insiders own 6.22% of the company’s shares.
NovoCure Company Profile
NovoCure Limited, an oncology company, is engaged in the development, manufacture and marketing of TTFields (Tumor Treating Fields) devices for the treatment of solid tumors in the United States, Europe, the Middle East, Africa, Japan and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.
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