NovoCure Limited $NVCR Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its holdings in NovoCure Limited (NASDAQ:NVCR) by 13.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,795 shares of the medical equipment provider’s stock after selling 1,921 shares during the quarter. Truist Financial Corp’s holdings in NovoCure were worth $228,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in NovoCure during the first quarter worth about $527,000. Exchange Traded Concepts LLC increased its stake in NovoCure by 31.2% during the first quarter. Exchange Traded Concepts LLC now owns 37,812 shares of the medical equipment provider’s stock worth $674,000 after acquiring an additional 9,001 shares during the last quarter. Wealthquest Corp acquired a new stake in NovoCure during the first quarter worth about $129,000. Summit Trail Advisors LLC increased its stake in NovoCure by 270.0% during the first quarter. Summit Trail Advisors LLC now owns 55,598 shares of the medical equipment provider’s stock worth $991,000 after acquiring an additional 40,570 shares during the last quarter. 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 worth $1,112,000 after acquiring an additional 3,123 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of NovoCure in a research note on Wednesday, October 8th. 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 target price for the company. Wedbush reiterated a “neutral” rating and issued a $18.00 target price on shares of NovoCure in a research note on Tuesday, September 30th. Piper Sandler reiterated an “overweight” rating and issued a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research note on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, NovoCure has a consensus rating of “Hold” and an average target price of $27.50.

NovoCure Trading Down 1.8%

Shares of NVCR opened at $13.78 on Friday. The company has a market capitalization of $1.54 billion, a P/E ratio of -8.83 and a beta of 0.75. NovoCure Limited has a one year low of $10.87 and a one year high of $34.13. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. The stock has a 50-day moving average price of $12.73 and a 200 day moving average price of $15.24.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.03. The firm had revenue of $158.80 million during 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%.NovoCure’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.31) earnings per share. Sell-side analysts forecast that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Insider Buying and Selling

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

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.