NovoCure (NASDAQ:NVCR) Reaches New 52-Week Low Following Insider Selling

NovoCure Limited (NASDAQ:NVCRGet Rating)’s share price hit a new 52-week low during mid-day trading on Thursday following insider selling activity. The company traded as low as $56.38 and last traded at $56.51, with a volume of 26097 shares. The stock had previously closed at $60.84.

Specifically, Director Jeryl L. Hilleman sold 407 shares of the business’s stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $69.61, for a total value of $28,331.27. Following the transaction, the director now owns 2,537 shares in the company, valued at $176,600.57. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.07% of the company’s stock.

Several analysts have issued reports on the company. Piper Sandler cut their price objective on NovoCure from $125.00 to $100.00 in a research note on Friday, May 13th. HC Wainwright assumed coverage on NovoCure in a research note on Monday, May 16th. They set a “buy” rating and a $115.00 price objective on the stock. Finally, StockNews.com upgraded NovoCure from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $144.75.

The firm has a market capitalization of $6.07 billion, a P/E ratio of -103.55 and a beta of 0.88. The business has a fifty day moving average of $75.19 and a 200-day moving average of $76.46. The company has a debt-to-equity ratio of 1.29, a quick ratio of 8.23 and a current ratio of 8.46.

NovoCure (NASDAQ:NVCRGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.15. NovoCure had a negative return on equity of 14.21% and a negative net margin of 10.94%. The business had revenue of $137.50 million during the quarter, compared to analyst estimates of $134.29 million. During the same period in the prior year, the company posted ($0.04) EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts forecast that NovoCure Limited will post -0.53 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of NVCR. National Bank of Canada FI bought a new position in NovoCure in the 4th quarter worth approximately $36,000. Bellwether Advisors LLC boosted its stake in NovoCure by 1,108.1% during the 1st quarter. Bellwether Advisors LLC now owns 447 shares of the medical equipment provider’s stock valued at $37,000 after purchasing an additional 410 shares in the last quarter. Signaturefd LLC boosted its stake in NovoCure by 60.4% during the 4th quarter. Signaturefd LLC now owns 523 shares of the medical equipment provider’s stock valued at $39,000 after purchasing an additional 197 shares in the last quarter. Nauset Wealth Management. LLC bought a new position in NovoCure during the 1st quarter valued at $50,000. Finally, Quadrant Capital Group LLC boosted its stake in NovoCure by 175.7% during the 1st quarter. Quadrant Capital Group LLC now owns 601 shares of the medical equipment provider’s stock valued at $50,000 after purchasing an additional 383 shares in the last quarter. 78.40% of the stock is owned by institutional investors and hedge funds.

About NovoCure (NASDAQ:NVCR)

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and Optune Lua, a Tumor Treating Fields (TTFields) devices for use as a monotherapy treatment for adult patients with glioblastoma.

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