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Commerce Bank Sells 204 Shares of NovoCure Limited (NASDAQ:NVCR)

Defense World ·  12/05/2022 19:01

Commerce Bank lowered its position in shares of NovoCure Limited (NASDAQ:NVCR – Get Rating) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,014 shares of the medical equipment provider's stock after selling 204 shares during the period. Commerce Bank's holdings in NovoCure were worth $279,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Korea Investment CORP lifted its stake in NovoCure by 41.8% during the second quarter. Korea Investment CORP now owns 26,234 shares of the medical equipment provider's stock worth $1,823,000 after purchasing an additional 7,734 shares during the last quarter. United Capital Financial Advisers LLC lifted its stake in NovoCure by 2.2% during the second quarter. United Capital Financial Advisers LLC now owns 8,072 shares of the medical equipment provider's stock worth $561,000 after purchasing an additional 172 shares during the last quarter. Franklin Resources Inc. lifted its stake in NovoCure by 6.4% during the second quarter. Franklin Resources Inc. now owns 5,165 shares of the medical equipment provider's stock worth $360,000 after purchasing an additional 312 shares during the last quarter. Rhumbline Advisers lifted its stake in NovoCure by 10.8% during the second quarter. Rhumbline Advisers now owns 97,190 shares of the medical equipment provider's stock worth $6,755,000 after purchasing an additional 9,481 shares during the last quarter. Finally, AlphaCrest Capital Management LLC increased its holdings in shares of NovoCure by 278.6% in the second quarter. AlphaCrest Capital Management LLC now owns 26,480 shares of the medical equipment provider's stock worth $1,840,000 after buying an additional 19,485 shares during the period. Institutional investors own 76.45% of the company's stock.

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NovoCure Stock Down 1.8 %

Shares of NASDAQ:NVCR opened at $80.04 on Monday. NovoCure Limited has a 1 year low of $56.39 and a 1 year high of $94.00. The company has a market cap of $8.40 billion, a PE ratio of -103.95 and a beta of 0.77. The company has a debt-to-equity ratio of 1.27, a current ratio of 7.81 and a quick ratio of 7.62. The stock's 50-day moving average is $75.44 and its 200 day moving average is $75.83.

NovoCure (NASDAQ:NVCR – Get Rating) last posted its earnings results on Thursday, October 27th. The medical equipment provider reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $0.05. NovoCure had a negative return on equity of 18.85% and a negative net margin of 15.05%. The firm had revenue of $131.00 million for the quarter, compared to the consensus estimate of $134.83 million. Sell-side analysts anticipate that NovoCure Limited will post -0.84 EPS for the current year.

Insiders Place Their Bets

In other NovoCure news, insider Frank X. Leonard sold 12,271 shares of the company's 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 transaction, the insider now owns 70,642 shares in the company, valued at approximately $6,253,229.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other NovoCure news, insider Frank X. Leonard sold 12,271 shares of the company's 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 transaction, the insider now owns 70,642 shares in the company, valued at approximately $6,253,229.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank X. Leonard sold 6,754 shares of the business's stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $77.00, for a total value of $520,058.00. Following the completion of the sale, the insider now directly owns 63,888 shares in the company, valued at $4,919,376. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,150 shares of company stock worth $3,375,859. Company insiders own 6.22% of the company's stock.

Wall Street Analyst Weigh In

NVCR has been the topic of several analyst reports. StockNews.com initiated coverage on NovoCure in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. Wells Fargo & Company upgraded NovoCure from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $74.00 to $89.00 in a report on Tuesday, November 29th. Piper Sandler downgraded NovoCure from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $90.00 to $70.00 in a report on Monday, October 24th. HC Wainwright decreased their price objective on NovoCure from $115.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, October 28th. Finally, Truist Financial decreased their price objective on NovoCure from $105.00 to $102.00 and set a "buy" rating on the stock in a report on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $102.00.

NovoCure Company Profile

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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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