NovoCure Limited $NVCR Position Trimmed by Northern Trust Corp

Northern Trust Corp decreased its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,235,439 shares of the medical equipment provider’s stock after selling 48,911 shares during the period. Northern Trust Corp owned about 1.11% of NovoCure worth $22,016,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. AdvisorNet Financial Inc increased its stake in NovoCure by 16.7% during the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider’s stock valued at $187,000 after purchasing an additional 1,500 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NovoCure by 2.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,490 shares of the medical equipment provider’s stock valued at $2,160,000 after purchasing an additional 1,978 shares during the last quarter. Bank of New York Mellon Corp increased its stake in NovoCure by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 324,592 shares of the medical equipment provider’s stock valued at $5,784,000 after purchasing an additional 2,062 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in NovoCure during the fourth quarter valued at $68,000. Finally, Teacher Retirement System of Texas increased its stake in NovoCure by 5.3% during the first quarter. Teacher Retirement System of Texas now owns 62,375 shares of the medical equipment provider’s stock valued at $1,112,000 after purchasing an additional 3,123 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on NVCR shares. Wells Fargo & Company reiterated an “equal weight” rating and set a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research note on Friday, July 25th. Piper Sandler restated an “overweight” rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of NovoCure in a research report on Tuesday, July 8th. They set a “buy” rating and a $30.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, NovoCure currently has an average rating of “Moderate Buy” and a consensus price target of $28.79.

Insiders Place Their Bets

In related news, CFO Christoph Brackmann acquired 20,000 shares of NovoCure stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $11.59 per share, with a total value of $231,800.00. Following the completion of the acquisition, the chief financial officer directly owned 141,150 shares of the company’s stock, valued at $1,635,928.50. This trade represents a 16.51% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.52% of the stock is owned by insiders.

NovoCure Stock Up 2.6%

NovoCure stock opened at $12.33 on Monday. The company has a 50-day simple moving average of $14.23 and a 200-day simple moving average of $16.87. The firm has a market capitalization of $1.38 billion, a P/E ratio of -7.90 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. NovoCure Limited has a one year low of $10.87 and a one year high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.03. The business had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.31) earnings per share. As a group, equities analysts expect that NovoCure Limited will post -1.3 earnings per share for the current 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.