Envestnet Asset Management Inc. Trims Holdings in NovoCure Limited (NASDAQ:NVCR)

Envestnet Asset Management Inc. trimmed its position in NovoCure Limited (NASDAQ:NVCRGet Rating) by 14.0% during the second quarter, Holdings Channel.com reports. The firm owned 21,612 shares of the medical equipment provider’s stock after selling 3,518 shares during the period. Envestnet Asset Management Inc.’s holdings in NovoCure were worth $1,502,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its stake in shares of NovoCure by 175.7% during the 1st quarter. Quadrant Capital Group LLC now owns 601 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 383 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of NovoCure by 50.6% during the 1st quarter. Parallel Advisors LLC now owns 673 shares of the medical equipment provider’s stock valued at $57,000 after acquiring an additional 226 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of NovoCure by 166.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,350 shares of the medical equipment provider’s stock valued at $111,000 after acquiring an additional 843 shares during the last quarter. Signaturefd LLC increased its stake in shares of NovoCure by 162.9% during the 1st quarter. Signaturefd LLC now owns 1,375 shares of the medical equipment provider’s stock valued at $114,000 after acquiring an additional 852 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of NovoCure during the 2nd quarter valued at about $170,000. 76.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Frank X. Leonard sold 12,271 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $88.52, for a total transaction of $1,086,228.92. Following the completion of the transaction, the insider now directly owns 70,642 shares in the company, valued at approximately $6,253,229.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Frank X. Leonard sold 12,271 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $88.52, for a total transaction of $1,086,228.92. Following the completion of the transaction, the insider now directly owns 70,642 shares in the company, valued at approximately $6,253,229.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Frank X. Leonard sold 1,863 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $88.00, for a total value of $163,944.00. Following the transaction, the insider now owns 84,150 shares of the company’s stock, valued at $7,405,200. The disclosure for this sale can be found here. In the last three months, insiders sold 41,150 shares of company stock worth $3,375,859. 6.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NVCR. Wells Fargo & Company increased their target price on shares of NovoCure from $70.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Friday, October 28th. Truist Financial dropped their target price on shares of NovoCure from $105.00 to $102.00 and set a “buy” rating for the company in a research report on Friday, October 28th. Piper Sandler downgraded shares of NovoCure from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $90.00 to $70.00 in a research report on Monday, October 24th. StockNews.com assumed coverage on NovoCure in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, HC Wainwright decreased their price target on NovoCure from $115.00 to $100.00 and set a “buy” rating for the company in a report on Friday, October 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $99.86.

NovoCure Stock Performance

NovoCure stock opened at $77.49 on Monday. The stock has a market cap of $8.13 billion, a P/E ratio of -100.64 and a beta of 0.75. The company has a current ratio of 7.81, a quick ratio of 7.62 and a debt-to-equity ratio of 1.27. The stock has a 50 day moving average of $76.88 and a 200-day moving average of $75.23. NovoCure Limited has a 52 week low of $56.39 and a 52 week high of $110.39.

NovoCure (NASDAQ:NVCRGet Rating) last released its earnings results on Thursday, October 27th. The medical equipment provider reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.05. The company had revenue of $131.00 million during the quarter, compared to analysts’ expectations of $134.83 million. NovoCure had a negative return on equity of 18.85% and a negative net margin of 15.05%. On average, analysts expect that NovoCure Limited will post -0.84 EPS for the current fiscal year.

About NovoCure

(Get Rating)

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, Europe, the Middle East, Africa, Japan, and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.

Further Reading

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Institutional Ownership by Quarter for NovoCure (NASDAQ:NVCR)

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