NovoCure Limited (NASDAQ:NVCR) Shares Sold by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. reduced its holdings in NovoCure Limited by 2.1%, selling 24,330 shares, and now owns approximately 1,136,980 shares valued at $20.26 million.
• Several institutional investors have increased their stakes in NovoCure, with Point72 Asia Singapore Pte. Ltd. boosting its holdings by 264.6% in the fourth quarter.
• Wall Street analysts have mixed ratings for NovoCure, with a consensus price target of $28.79 and reports of fluctuating target prices from various brokerages.

Baillie Gifford & Co. reduced its holdings in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,136,980 shares of the medical equipment provider's stock after selling 24,330 shares during the period. Baillie Gifford & Co. owned about 1.02% of NovoCure worth $20,261,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. GeoWealth Management LLC bought a new position in shares of NovoCure during the fourth quarter worth $27,000. GF Fund Management CO. LTD. bought a new position in NovoCure during the fourth quarter valued at $68,000. Wealthquest Corp bought a new position in NovoCure during the first quarter valued at $129,000. AdvisorNet Financial Inc lifted its position in NovoCure by 16.7% during the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock valued at $187,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Kera Capital Partners Inc. bought a new position in NovoCure during the first quarter valued at $194,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a research note on Tuesday, July 8th. They issued a "buy" rating and a $30.00 target price on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $34.00 price target on shares of NovoCure in a research note on Friday, June 27th. Wells Fargo & Company reissued an "equal weight" rating and set a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. JPMorgan Chase & Co. cut their target price 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. Finally, Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, NovoCure presently has a consensus rating of "Hold" and a consensus target price of $28.79.

NovoCure Stock Performance

Shares of NVCR traded up $0.03 during trading hours on Wednesday, hitting $11.41. The stock had a trading volume of 996,475 shares, compared to its average volume of 1,131,191. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. The firm has a 50-day moving average price of $17.02 and a 200 day moving average price of $19.02. NovoCure Limited has a fifty-two week low of $11.25 and a fifty-two week high of $34.13. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -7.29 and a beta of 0.72.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.03. The firm had revenue of $158.80 million during the quarter, compared to analysts' expectations of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The business's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.31) EPS. As a group, research analysts anticipate that NovoCure Limited will post -1.3 EPS for the current year.

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.