Raymond James & Associates Reduces Stake in NovoCure Limited (NASDAQ:NVCR)

Raymond James & Associates reduced its position in NovoCure Limited (NASDAQ:NVCR) by 47.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,250 shares of the medical equipment provider’s stock after selling 7,578 shares during the period. Raymond James & Associates’ holdings in NovoCure were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in NovoCure by 34.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 1,429 shares of the medical equipment provider’s stock valued at $86,000 after purchasing an additional 363 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in NovoCure by 79.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,470 shares of the medical equipment provider’s stock valued at $88,000 after purchasing an additional 650 shares in the last quarter. Captrust Financial Advisors lifted its position in NovoCure by 47.0% during the second quarter. Captrust Financial Advisors now owns 1,292 shares of the medical equipment provider’s stock valued at $90,000 after purchasing an additional 413 shares in the last quarter. Sectoral Asset Management Inc. lifted its position in NovoCure by 9.4% during the first quarter. Sectoral Asset Management Inc. now owns 1,750 shares of the medical equipment provider’s stock valued at $105,000 after purchasing an additional 150 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in NovoCure by 166.3% during the first quarter. Lazard Asset Management LLC now owns 1,350 shares of the medical equipment provider’s stock valued at $111,000 after purchasing an additional 843 shares in the last quarter. 84.11% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Stock Down 3.0 %

Shares of NASDAQ:NVCR opened at $11.13 on Friday. NovoCure Limited has a 1 year low of $10.95 and a 1 year high of $120.03. The business has a 50 day simple moving average of $15.90 and a two-hundred day simple moving average of $36.94. The firm has a market capitalization of $1.19 billion, a PE ratio of -5.98 and a beta of 0.58. The company has a debt-to-equity ratio of 1.44, a current ratio of 6.67 and a quick ratio of 6.43.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.05. The business had revenue of $127.30 million during the quarter, compared to analyst estimates of $128.75 million. NovoCure had a negative return on equity of 46.89% and a negative net margin of 39.14%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.25) earnings per share. On average, equities analysts predict that NovoCure Limited will post -1.99 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. SVB Leerink assumed coverage on NovoCure in a research report on Friday, August 4th. They set an “outperform” rating and a $51.00 target price on the stock. Piper Sandler raised NovoCure from a “neutral” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Tuesday, August 8th. Leerink Partnrs reissued an “outperform” rating on shares of NovoCure in a report on Friday, August 4th. SVB Securities began coverage on NovoCure in a report on Friday, August 4th. They set an “outperform” rating and a $51.00 price target on the stock. Finally, HC Wainwright cut NovoCure from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $25.00 in a report on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.29.

NovoCure Company Profile

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers 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.