Jennison Associates LLC Invests $573,000 in NovoCure Limited (NASDAQ:NVCR)

Jennison Associates LLC acquired a new position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 32,179 shares of the medical equipment provider's stock, valued at approximately $573,000.

Several other large investors also recently bought and sold shares of NVCR. GeoWealth Management LLC acquired a new stake in NovoCure during the fourth quarter worth about $27,000. GF Fund Management CO. LTD. acquired a new stake in NovoCure during the fourth quarter worth approximately $68,000. Mackenzie Financial Corp acquired a new stake in NovoCure during the fourth quarter worth approximately $203,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in NovoCure by 264.6% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,901 shares of the medical equipment provider's stock worth $206,000 after purchasing an additional 5,008 shares in the last quarter. Finally, Polymer Capital Management US LLC acquired a new stake in NovoCure during the fourth quarter worth approximately $208,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

NovoCure Price Performance

NVCR stock traded down $0.42 during trading hours on Friday, hitting $12.12. 2,740,647 shares of the stock traded hands, compared to its average volume of 1,104,157. The company has a current ratio of 1.47, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27. NovoCure Limited has a one year low of $11.57 and a one year high of $34.13. The company has a market cap of $1.35 billion, a P/E ratio of -8.00 and a beta of 0.72. The stock has a 50-day simple moving average of $17.40 and a 200 day simple moving average of $19.43.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.03. NovoCure had a negative return on equity of 45.46% and a negative net margin of 26.41%. The company had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. During the same period last year, the business earned ($0.31) EPS. The business's quarterly revenue was up 5.6% on a year-over-year basis. Equities analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NVCR shares. JPMorgan Chase & Co. lowered their price objective on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Piper Sandler reiterated an "overweight" rating and issued a $34.00 price objective on shares of NovoCure in a research report on Friday, June 27th. LADENBURG THALM/SH SH assumed coverage on shares of NovoCure in a research report on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price objective on the stock. Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, Wedbush dropped their price objective on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $28.79.

About NovoCure

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, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.