Bank of New York Mellon Corp grew its holdings in NovoCure (NASDAQ:NVCR) by 23.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 250,707 shares of the medical equipment provider’s stock after buying an additional 47,676 shares during the quarter. Bank of New York Mellon Corp owned 0.28% of NovoCure worth $5,065,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. American International Group Inc. raised its stake in shares of NovoCure by 8.1% in the 3rd quarter. American International Group Inc. now owns 38,722 shares of the medical equipment provider’s stock valued at $769,000 after buying an additional 2,896 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of NovoCure by 18.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 24,802 shares of the medical equipment provider’s stock valued at $492,000 after buying an additional 3,876 shares in the last quarter. Crow Point Partners LLC acquired a new position in shares of NovoCure in the 4th quarter valued at $120,000. SG Americas Securities LLC raised its stake in shares of NovoCure by 82.9% in the 3rd quarter. SG Americas Securities LLC now owns 19,545 shares of the medical equipment provider’s stock valued at $388,000 after buying an additional 8,859 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of NovoCure in the 3rd quarter valued at $212,000. Institutional investors own 42.83% of the company’s stock.
In other NovoCure news, General Counsel Todd Christopher Longsworth sold 6,591 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.83, for a total transaction of $130,699.53. Following the sale, the general counsel now owns 26,665 shares of the company’s stock, valued at approximately $528,766.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Yoram Palti sold 60,000 shares of the stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $20.32, for a total transaction of $1,219,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 572,624 shares of company stock worth $12,562,462. 16.70% of the stock is owned by insiders.
NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.12) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. NovoCure had a negative net margin of 34.83% and a negative return on equity of 51.74%. The business had revenue of $53.66 million for the quarter, compared to analyst estimates of $53.17 million. During the same quarter in the prior year, the firm earned ($0.26) EPS. The firm’s quarterly revenue was up 77.4% compared to the same quarter last year. analysts expect that NovoCure will post -0.5 earnings per share for the current year.
A number of equities analysts have recently issued reports on NVCR shares. ValuEngine upgraded shares of NovoCure from a “sell” rating to a “hold” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of NovoCure from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Wednesday, January 3rd. BidaskClub upgraded shares of NovoCure from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Mizuho reaffirmed a “buy” rating and issued a $28.00 target price (up previously from $25.00) on shares of NovoCure in a report on Friday, February 23rd. Finally, Deutsche Bank lowered their target price on shares of NovoCure from $22.00 to $19.00 and set a “hold” rating on the stock in a report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.71.
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NovoCure 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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