NovoCure Limited (NVCR) Trading Down 1.8%

NovoCure Limited (NASDAQ:NVCR) shares traded down 1.8% during mid-day trading on Monday . The company traded as low as $18.00 and last traded at $18.38. 346,913 shares were traded during trading, a decline of 65% from the average session volume of 1,000,400 shares. The stock had previously closed at $18.05.

Several research firms recently weighed in on NVCR. Zacks Investment Research cut shares of NovoCure Limited from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub upgraded shares of NovoCure Limited from a “buy” rating to a “strong-buy” rating in a report on Monday, July 31st. Mizuho began coverage on shares of NovoCure Limited in a report on Wednesday, September 6th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Deutsche Bank AG restated a “hold” rating and set a $19.00 price target (up from $18.00) on shares of NovoCure Limited in a report on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $20.14.

The firm has a 50-day moving average of $20.18 and a 200-day moving average of $16.12. The stock’s market cap is $1.63 billion.

NovoCure Limited (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.01). The firm had revenue of $38.38 million for the quarter, compared to the consensus estimate of $42.20 million. NovoCure Limited had a negative net margin of 75.91% and a negative return on equity of 69.48%. On average, equities analysts predict that NovoCure Limited will post ($0.77) EPS for the current year.

In other NovoCure Limited news, CEO Asaf Danziger sold 37,272 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $22.01, for a total transaction of $820,356.72. Following the completion of the sale, the chief executive officer now directly owns 776,862 shares in the company, valued at approximately $17,098,732.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 73,672 shares of company stock valued at $1,621,557. 16.70% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in NVCR. Goldman Sachs Group Inc. boosted its holdings in shares of NovoCure Limited by 6,617.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,988,007 shares of the medical equipment provider’s stock valued at $86,293,000 after acquiring an additional 4,913,755 shares during the last quarter. FMR LLC boosted its holdings in shares of NovoCure Limited by 50.4% during the 2nd quarter. FMR LLC now owns 6,888,120 shares of the medical equipment provider’s stock valued at $119,165,000 after acquiring an additional 2,309,559 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of NovoCure Limited by 40.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,283,862 shares of the medical equipment provider’s stock valued at $74,111,000 after acquiring an additional 1,235,922 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in shares of NovoCure Limited during the 2nd quarter valued at about $14,308,000. Finally, PointState Capital LP purchased a new stake in shares of NovoCure Limited during the 2nd quarter valued at about $5,744,000. 36.84% of the stock is currently owned by hedge funds and other institutional investors.

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NovoCure Limited Company Profile

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.

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