Allianz Asset Management GmbH Purchases New Position in NovoCure Limited $NVCR

Key Points

• Allianz Asset Management purchased 148,411 NovoCure shares worth approximately $2.25 million, taking a 0.13% stake. Institutional investors collectively own 84.61% of the company, with several major funds substantially increasing their positions.
• NovoCure reported better-than-expected quarterly results, posting an adjusted loss of $0.13 per share versus estimates of a $0.33 loss. Revenue rose 15.6% year over year to $183.58 million, above analysts’ $172.44 million forecast.
• Analyst sentiment remains mixed, with two Buy, four Hold, and one Sell rating; the stock has an overall Hold consensus and an average price target of $21.20, compared with a recent price of $15.63.

Allianz Asset Management GmbH purchased a new stake in NovoCure Limited (NASDAQ:NVCR - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 148,411 shares of the medical equipment provider's stock, valued at approximately $2,248,000. Allianz Asset Management GmbH owned 0.13% of NovoCure at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Morgan Stanley boosted its stake in shares of NovoCure by 453.4% in the 4th quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider's stock valued at $65,554,000 after purchasing an additional 4,153,741 shares in the last quarter. California State Teachers Retirement System lifted its holdings in NovoCure by 1,144.4% during the 2nd quarter. California State Teachers Retirement System now owns 1,774,004 shares of the medical equipment provider's stock valued at $26,876,000 after purchasing an additional 1,631,443 shares during the last quarter. Soleus Capital Management L.P. grew its stake in NovoCure by 25.0% during the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider's stock worth $122,897,000 after buying an additional 1,382,888 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of NovoCure by 1,093.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,223,755 shares of the medical equipment provider's stock worth $15,823,000 after buying an additional 1,121,192 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of NovoCure by 346.7% during the first quarter. SG Americas Securities LLC now owns 1,245,541 shares of the medical equipment provider's stock worth $13,576,000 after buying an additional 966,735 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

NovoCure Stock Performance

Shares of NovoCure stock opened at $15.63 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.70 and a current ratio of 2.89. NovoCure Limited has a 52 week low of $9.82 and a 52 week high of $21.45. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -12.02 and a beta of 1.01. The firm has a fifty day moving average of $16.91 and a two-hundred day moving average of $15.17.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.33) by $0.20. NovoCure had a negative return on equity of 44.00% and a negative net margin of 21.25%.The company had revenue of $183.58 million during the quarter, compared to analysts' expectations of $172.44 million. During the same period in the prior year, the business posted ($0.36) EPS. NovoCure's revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts predict that NovoCure Limited will post -1.21 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Zacks Research upgraded shares of NovoCure from a "strong sell" rating to a "hold" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. started coverage on NovoCure in a report on Monday, July 13th. They set a "neutral" rating and a $17.00 price target for the company. Wall Street Zen downgraded NovoCure from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of NovoCure in a research note on Thursday, August 27th. Finally, HC Wainwright set a $32.00 target price on NovoCure in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, NovoCure has an average rating of "Hold" and an average price target of $21.20.

NovoCure Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company's non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure's approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.

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