NovoCure Limited $NVCR Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS raised its stake in NovoCure Limited (NASDAQ:NVCR) by 6.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,000 shares of the medical equipment provider’s stock after buying an additional 1,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in NovoCure were worth $409,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of NovoCure during the 1st quarter worth about $527,000. Exchange Traded Concepts LLC increased its position in shares of NovoCure by 31.2% during 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 during the last quarter. Wealthquest Corp purchased a new position in NovoCure during the 1st quarter valued at about $129,000. Summit Trail Advisors LLC boosted its holdings in NovoCure by 270.0% during the 1st quarter. Summit Trail Advisors LLC now owns 55,598 shares of the medical equipment provider’s stock valued at $991,000 after acquiring an additional 40,570 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of 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 valued at $1,112,000 after buying an additional 3,123 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Stock Down 1.8%

Shares of NASDAQ:NVCR opened at $13.78 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. NovoCure Limited has a 52-week low of $10.87 and a 52-week high of $34.13. The stock’s fifty day simple moving average is $12.73 and its 200-day simple moving average is $15.24. The company has a market capitalization of $1.54 billion, a P/E ratio of -8.83 and a beta of 0.75.

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

Insider Buying and Selling at NovoCure

In other NovoCure news, CEO Ashley Cordova bought 81,550 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the purchase, the chief executive officer owned 437,569 shares of the company’s stock, valued at $5,347,093.18. This trade represents a 22.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christoph Brackmann purchased 20,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $11.59 per share, with a total value of $231,800.00. Following the completion of the purchase, the chief financial officer directly owned 141,150 shares of the company’s stock, valued at $1,635,928.50. The trade was a 16.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company reiterated an “equal weight” rating and issued a $14.50 price objective (down previously from $40.00) on shares of NovoCure in a research note on Friday, July 25th. Weiss Ratings restated a “sell (e+)” rating on shares of NovoCure in a research report on Wednesday, October 8th. Piper Sandler reissued an “overweight” rating and issued a $34.00 target price on shares of NovoCure in a report on Friday, June 27th. Wedbush reissued a “neutral” rating and issued a $18.00 target price on shares of NovoCure in a report on Tuesday, September 30th. Finally, LADENBURG THALM/SH SH started coverage on NovoCure in a research note on Tuesday, July 8th. They issued a “buy” rating and a $30.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.50.

NovoCure 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.