Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Position in NovoCure Limited (NASDAQ:NVCR)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in NovoCure Limited (NASDAQ:NVCR) by 27.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,335 shares of the medical equipment provider’s stock after buying an additional 4,982 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in NovoCure were worth $348,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its position in NovoCure by 490.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 408,839 shares of the medical equipment provider’s stock valued at $6,603,000 after acquiring an additional 339,610 shares during the period. Quantbot Technologies LP increased its stake in shares of NovoCure by 826.4% in the third quarter. Quantbot Technologies LP now owns 98,177 shares of the medical equipment provider’s stock valued at $1,586,000 after buying an additional 87,579 shares in the last quarter. Palo Alto Investors LP increased its holdings in shares of NovoCure by 14.2% in the third quarter. Palo Alto Investors LP now owns 660,275 shares of the medical equipment provider’s stock valued at $10,663,000 after purchasing an additional 82,157 shares in the last quarter. Seven Eight Capital LP increased its position in NovoCure by 109.5% in the third quarter. Seven Eight Capital LP now owns 137,721 shares of the medical equipment provider’s stock worth $2,224,000 after purchasing an additional 71,989 shares during the period. Finally, Federated Hermes Inc. acquired a new position in NovoCure in the third quarter valued at approximately $1,097,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Insider Transactions at NovoCure

In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the transaction, the executive vice president now directly owns 160,938 shares in the company, valued at approximately $2,579,836.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the transaction, the executive vice president now owns 160,938 shares in the company, valued at approximately $2,579,836.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the transaction, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,921 shares of company stock worth $127,161. 5.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on NVCR. Wells Fargo & Company cut their target price on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price objective on NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. HC Wainwright dropped their price objective on NovoCure from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. Wedbush reaffirmed a “neutral” rating and set a $21.00 target price on shares of NovoCure in a report on Thursday. Finally, Evercore ISI lifted their price objective on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, NovoCure currently has an average rating of “Moderate Buy” and an average price target of $30.88.

NovoCure Price Performance

NovoCure stock opened at $14.78 on Friday. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -8.17 and a beta of 0.50. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57. The business has a 50-day simple moving average of $14.20 and a 200 day simple moving average of $13.85. NovoCure Limited has a 52 week low of $10.87 and a 52 week high of $83.60.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. NovoCure had a negative return on equity of 49.34% and a negative net margin of 36.67%. The firm had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. During the same period in the prior year, the business earned ($0.50) EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, research analysts forecast that NovoCure Limited will post -1.78 earnings per share for the current fiscal year.

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, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.