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Rhumbline Advisers Acquires 9,481 Shares of NovoCure Limited (NASDAQ:NVCR)

Defense World ·  12/03/2022 19:42

Rhumbline Advisers increased its holdings in shares of NovoCure Limited (NASDAQ:NVCR – Get Rating) by 10.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,190 shares of the medical equipment provider's stock after buying an additional 9,481 shares during the period. Rhumbline Advisers owned 0.09% of NovoCure worth $6,755,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Quadrant Capital Group LLC raised its stake in shares of NovoCure by 175.7% during the first quarter. Quadrant Capital Group LLC now owns 601 shares of the medical equipment provider's stock worth $50,000 after buying an additional 383 shares during the last quarter. Capital International Sarl raised its stake in shares of NovoCure by 11.3% during the first quarter. Capital International Sarl now owns 51,581 shares of the medical equipment provider's stock worth $4,273,000 after buying an additional 5,237 shares during the last quarter. TD Asset Management Inc. raised its stake in shares of NovoCure by 75.7% during the first quarter. TD Asset Management Inc. now owns 108,680 shares of the medical equipment provider's stock worth $9,004,000 after buying an additional 46,816 shares during the last quarter. Commerce Bank bought a new stake in shares of NovoCure during the first quarter worth approximately $349,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of NovoCure by 3.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 266,777 shares of the medical equipment provider's stock worth $18,541,000 after buying an additional 8,933 shares during the last quarter. 76.45% of the stock is owned by institutional investors.

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NovoCure Stock Down 1.8 %

NovoCure stock opened at $80.04 on Friday. The stock has a market capitalization of $8.40 billion, a PE ratio of -103.95 and a beta of 0.77. NovoCure Limited has a twelve month low of $56.39 and a twelve month high of $94.00. The company has a quick ratio of 7.62, a current ratio of 7.81 and a debt-to-equity ratio of 1.27. The company has a 50 day moving average of $75.44 and a 200-day moving average of $75.80.

NovoCure (NASDAQ:NVCR – Get Rating) last released its quarterly earnings results on Thursday, October 27th. The medical equipment provider reported ($0.25) earnings per share 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 net margin of 15.05% and a negative return on equity of 18.85%. On average, equities research analysts anticipate that NovoCure Limited will post -0.84 EPS for the current fiscal year.

Insider Activity

In other news, insider Frank X. Leonard sold 6,754 shares of the business's stock in a transaction on Thursday, October 13th. The shares were sold at an average price of $76.01, for a total value of $513,371.54. Following the sale, the insider now owns 43,626 shares of the company's stock, valued at $3,316,012.26. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Frank X. Leonard sold 1,863 shares of the business's stock in a transaction 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 sale, the insider now owns 84,150 shares of the company's stock, valued at $7,405,200. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Frank X. Leonard sold 6,754 shares of the business's stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $76.01, for a total transaction of $513,371.54. Following the completion of the sale, the insider now directly owns 43,626 shares in the company, valued at approximately $3,316,012.26. The disclosure for this sale can be found here. Insiders sold 41,150 shares of company stock worth $3,375,859 over the last quarter. 6.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. HC Wainwright decreased their price objective on shares of NovoCure from $115.00 to $100.00 and set a "buy" rating for the company in a report on Friday, October 28th. Piper Sandler cut shares of NovoCure from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $90.00 to $70.00 in a report on Monday, October 24th. StockNews.com assumed coverage on shares of NovoCure in a report on Wednesday, October 12th. They set a "hold" rating for the company. Truist Financial decreased their price objective on shares of NovoCure from $105.00 to $102.00 and set a "buy" rating for the company in a report on Friday, October 28th. Finally, Wells Fargo & Company upgraded shares of NovoCure from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $74.00 to $89.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $102.00.

About NovoCure

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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.

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