Kornitzer Capital Management Inc. KS acquired a new stake in Novocure Ltd (NASDAQ:NVCR) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 53,850 shares of the medical equipment provider’s stock, valued at approximately $4,027,000. Kornitzer Capital Management Inc. KS owned 0.05% of Novocure as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd grew its stake in Novocure by 1,337.1% in the second quarter. Point72 Hong Kong Ltd now owns 503 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 468 shares during the period. Legacy Bridge LLC grew its stake in Novocure by 666.7% in the third quarter. Legacy Bridge LLC now owns 460 shares of the medical equipment provider’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Meeder Asset Management Inc. acquired a new stake in Novocure in the third quarter valued at approximately $48,000. Princeton Global Asset Management LLC acquired a new stake in Novocure in the second quarter valued at approximately $63,000. Finally, Quantamental Technologies LLC acquired a new stake in Novocure in the second quarter valued at approximately $66,000. 66.43% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on NVCR shares. Mizuho raised their price objective on Novocure from $63.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $79.00 price objective on shares of Novocure in a research note on Monday, November 4th. ValuEngine cut Novocure from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. TheStreet raised Novocure from a “d” rating to a “c-” rating in a research note on Friday, July 26th. Finally, Wedbush cut Novocure from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $57.00 to $80.00 in a research report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $79.33.
Novocure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, October 31st. The medical equipment provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. Novocure had a negative return on equity of 18.45% and a negative net margin of 8.43%. The company had revenue of $92.06 million for the quarter, compared to analyst estimates of $87.12 million. During the same period in the previous year, the company posted ($0.13) EPS. The firm’s revenue for the quarter was up 42.2% compared to the same quarter last year. As a group, analysts expect that Novocure Ltd will post -0.13 earnings per share for the current year.
In related news, General Counsel Todd Christopher Longsworth sold 158,440 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $87.87, for a total transaction of $13,922,122.80. Following the sale, the general counsel now directly owns 113,420 shares in the company, valued at approximately $9,966,215.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 25,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $80.83, for a total value of $2,020,750.00. Following the completion of the transaction, the chief financial officer now owns 112,179 shares in the company, valued at $9,067,428.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 483,432 shares of company stock worth $41,432,963. 5.60% of the stock is currently owned by corporate insiders.
Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.
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