Legal & General Group Plc boosted its stake in NovoCure Limited (NASDAQ:NVCR) by 8.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,866 shares of the medical equipment provider’s stock after acquiring an additional 1,092 shares during the period. Legal & General Group Plc’s holdings in NovoCure Limited were worth $238,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. American International Group Inc. increased its position in NovoCure Limited by 7.1% in the 1st quarter. American International Group Inc. now owns 31,191 shares of the medical equipment provider’s stock valued at $253,000 after acquiring an additional 2,065 shares during the period. Bank of New York Mellon Corp increased its position in NovoCure Limited by 1.4% in the 1st quarter. Bank of New York Mellon Corp now owns 173,523 shares of the medical equipment provider’s stock valued at $1,406,000 after acquiring an additional 2,480 shares during the period. Teachers Advisors LLC increased its position in NovoCure Limited by 3.3% in the 1st quarter. Teachers Advisors LLC now owns 98,799 shares of the medical equipment provider’s stock valued at $800,000 after acquiring an additional 3,125 shares during the period. Bank of Montreal Can increased its position in NovoCure Limited by 1,919.7% in the 2nd quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock valued at $122,000 after acquiring an additional 6,719 shares during the period. Finally, Nisa Investment Advisors LLC acquired a new position in NovoCure Limited in the 2nd quarter valued at about $126,000. Hedge funds and other institutional investors own 36.84% of the company’s stock.
Several equities analysts recently issued reports on the company. BidaskClub cut NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating and set a $19.00 target price (up previously from $18.00) on shares of NovoCure Limited in a research report on Monday, July 17th. Mizuho initiated coverage on NovoCure Limited in a research report on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Zacks Investment Research cut NovoCure Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $20.14.
In other news, CEO Asaf Danziger sold 35,500 shares of NovoCure Limited stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total transaction of $781,355.00. Following the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 73,672 shares of company stock worth $1,621,557. Corporate insiders own 16.70% of the company’s stock.
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NovoCure Limited (NVCR) opened at 18.30 on Thursday. The firm’s 50-day moving average price is $20.16 and its 200 day moving average price is $16.13. NovoCure Limited has a 52-week low of $5.95 and a 52-week high of $22.30. The firm’s market cap is $1.63 billion.
NovoCure Limited (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). The business 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 anticipate that NovoCure Limited will post ($0.77) earnings per share for the current year.
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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