M&T Bank Corp Sells 1,750 Shares of NovoCure Limited (NASDAQ:NVCR)

M&T Bank Corp reduced its position in shares of NovoCure Limited (NASDAQ:NVCR) by 14.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,634 shares of the medical equipment provider’s stock after selling 1,750 shares during the quarter. M&T Bank Corp’s holdings in NovoCure were worth $189,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in NovoCure by 0.6% in the 1st quarter. Bank of New York Mellon Corp now owns 324,592 shares of the medical equipment provider’s stock worth $5,784,000 after purchasing an additional 2,062 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in NovoCure by 5.3% in the 1st quarter. Teacher Retirement System of Texas now owns 62,375 shares of the medical equipment provider’s stock worth $1,112,000 after purchasing an additional 3,123 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in NovoCure by 270.0% in the 1st quarter. Summit Trail Advisors LLC now owns 55,598 shares of the medical equipment provider’s stock worth $991,000 after purchasing an additional 40,570 shares in the last quarter. Wealthquest Corp bought a new position in NovoCure in the 1st quarter worth $129,000. Finally, Exchange Traded Concepts LLC raised its holdings in NovoCure by 31.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 37,812 shares of the medical equipment provider’s stock worth $674,000 after purchasing an additional 9,001 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

NovoCure Stock Performance

Shares of NVCR stock opened at $16.02 on Friday. NovoCure Limited has a one year low of $14.17 and a one year high of $34.13. The company’s 50-day moving average is $17.60 and its 200 day moving average is $19.84. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -10.61 and a beta of 0.72. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.41 and a current ratio of 1.47.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.16. NovoCure had a negative net margin of 26.41% and a negative return on equity of 45.46%. The company had revenue of $154.99 million for the quarter, compared to the consensus estimate of $147.57 million. During the same period in the prior year, the firm posted ($0.36) EPS. NovoCure’s revenue for the quarter was up 11.9% on a year-over-year basis. Sell-side analysts expect that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on NVCR. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a report on Tuesday, July 8th. They issued a “buy” rating and a $30.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of NovoCure from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Wedbush decreased their price target on shares of NovoCure from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Wall Street Zen cut shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, April 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.43.

About NovoCure

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.