China Universal Asset Management Co. Ltd. Reduces Stock Position in NovoCure Limited (NASDAQ:NVCR)

China Universal Asset Management Co. Ltd. reduced its position in shares of NovoCure Limited (NASDAQ:NVCR) by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,047 shares of the medical equipment provider’s stock after selling 896 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in NovoCure were worth $393,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GeoWealth Management LLC purchased a new stake in shares of NovoCure during the fourth quarter worth about $27,000. GF Fund Management CO. LTD. purchased a new stake in shares of NovoCure during the fourth quarter worth about $68,000. Mackenzie Financial Corp purchased a new stake in shares of NovoCure during the fourth quarter worth about $203,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in NovoCure by 264.6% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,901 shares of the medical equipment provider’s stock worth $206,000 after buying an additional 5,008 shares during the period. Finally, Polymer Capital Management US LLC purchased a new stake in NovoCure in the fourth quarter worth about $208,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on NVCR. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a report on Tuesday. They issued a “buy” rating and a $30.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and set a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. JPMorgan Chase & Co. decreased their target price on shares of NovoCure from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Wall Street Zen downgraded shares of NovoCure from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. Finally, Wedbush decreased their target price on shares of NovoCure from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and an average price target of $32.43.

NovoCure Trading Up 3.7%

NASDAQ:NVCR opened at $17.51 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27. NovoCure Limited has a 12 month low of $14.17 and a 12 month high of $34.13. The company has a market cap of $1.95 billion, a PE ratio of -11.60 and a beta of 0.72. The company has a 50 day simple moving average of $17.65 and a two-hundred day simple moving average of $20.51.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.16. The business had revenue of $154.99 million during the quarter, compared to the consensus estimate of $147.57 million. NovoCure had a negative net margin of 26.41% and a negative return on equity of 45.46%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.36) EPS. Research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

About NovoCure

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.