Teachers Retirement System of The State of Kentucky bought a new stake in shares of NovoCure Limited (NASDAQ:NVCR – Get Rating) during the 3rd quarter, Holdings Channel.com reports. The fund bought 91,789 shares of the medical equipment provider’s stock, valued at approximately $6,974,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. International Biotechnology Trust PLC bought a new stake in NovoCure during the 2nd quarter valued at $32,000. China Universal Asset Management Co. Ltd. bought a new stake in NovoCure during the 3rd quarter valued at $75,000. Lazard Asset Management LLC boosted its position in NovoCure by 12,975.0% during the 3rd quarter. Lazard Asset Management LLC now owns 1,046 shares of the medical equipment provider’s stock valued at $79,000 after acquiring an additional 1,038 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of NovoCure by 41.0% during the 2nd quarter. Captrust Financial Advisors now owns 1,239 shares of the medical equipment provider’s stock valued at $86,000 after purchasing an additional 360 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of NovoCure by 123.6% during the 3rd quarter. Fifth Third Bancorp now owns 2,339 shares of the medical equipment provider’s stock valued at $178,000 after purchasing an additional 1,293 shares during the last quarter. Institutional investors own 78.42% of the company’s stock.
Insiders Place Their Bets
In other NovoCure news, CEO Asaf Danziger sold 212,500 shares of the stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $108.74, for a total transaction of $23,107,250.00. Following the sale, the chief executive officer now directly owns 13,583 shares of the company’s stock, valued at approximately $1,477,015.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Ashley Cordova sold 2,198 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $76.36, for a total transaction of $167,839.28. Following the sale, the chief financial officer now directly owns 96,062 shares in the company, valued at approximately $7,335,294.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Asaf Danziger sold 212,500 shares of the firm’s stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $108.74, for a total value of $23,107,250.00. Following the sale, the chief executive officer now owns 13,583 shares in the company, valued at $1,477,015.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,748 shares of company stock valued at $24,674,511. Company insiders own 6.22% of the company’s stock.
NovoCure Stock Performance
NovoCure (NASDAQ:NVCR – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The medical equipment provider reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.04). The company had revenue of $128.43 million for the quarter, compared to analyst estimates of $127.20 million. NovoCure had a negative return on equity of 20.98% and a negative net margin of 17.20%. NovoCure’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.25) earnings per share. As a group, research analysts expect that NovoCure Limited will post -1.44 earnings per share for the current year.
Wall Street Analyst Weigh In
NVCR has been the subject of several analyst reports. HC Wainwright decreased their price objective on NovoCure from $135.00 to $130.00 in a report on Thursday, February 23rd. StockNews.com initiated coverage on NovoCure in a report on Thursday. They set a “sell” rating for the company. Piper Sandler increased their price objective on NovoCure from $70.00 to $80.00 in a report on Tuesday, January 17th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $50.00 price objective (down previously from $99.00) on shares of NovoCure in a report on Friday. Finally, Wells Fargo & Company lowered NovoCure from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $89.00 to $107.00 in a report on Friday, January 6th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $87.33.
NovoCure Ltd. is an oncology company which engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. Its platform is called the Tumor Treating Field which uses electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.
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