Cinctive Capital Management LP Lowers Stake in NovoCure Limited $NVCR

Key Points

• Cinctive Capital Management LP has reduced its holdings in NovoCure Limited by 57.7%, selling 63,397 shares and retaining 46,415 shares valued at approximately $827,000.
• Insider activity includes CFO Christoph Brackmann purchasing 20,000 shares of NovoCure, increasing his ownership by 16.51% and valued at around $1.64 million.
• Analysts have mixed views on NovoCure, with price targets ranging from $14.50 to $34.00, indicating an average target price of $28.79.

Cinctive Capital Management LP lowered its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 57.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,415 shares of the medical equipment provider's stock after selling 63,397 shares during the period. Cinctive Capital Management LP's holdings in NovoCure were worth $827,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in shares of NovoCure by 56.7% during the first quarter. AQR Capital Management LLC now owns 28,728 shares of the medical equipment provider's stock worth $512,000 after purchasing an additional 10,394 shares in the last quarter. Palo Alto Investors LP grew its stake in shares of NovoCure by 23.1% during the first quarter. Palo Alto Investors LP now owns 1,002,061 shares of the medical equipment provider's stock worth $17,857,000 after purchasing an additional 187,870 shares during the period. Graham Capital Management L.P. lifted its stake in NovoCure by 138.6% in the first quarter. Graham Capital Management L.P. now owns 51,791 shares of the medical equipment provider's stock valued at $923,000 after buying an additional 30,082 shares during the period. Algert Global LLC grew its position in shares of NovoCure by 41.1% during the 1st quarter. Algert Global LLC now owns 97,751 shares of the medical equipment provider's stock worth $1,742,000 after buying an additional 28,490 shares during the period. Finally, American Century Companies Inc. acquired a new stake in shares of NovoCure in the 1st quarter valued at approximately $1,262,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Insider Activity

In other NovoCure news, CEO Ashley Cordova bought 81,550 shares of the stock in a transaction dated Friday, September 5th. The stock was purchased at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the acquisition, the chief executive officer owned 437,569 shares of the company's stock, valued at approximately $5,347,093.18. This trade represents a 22.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Christoph Brackmann bought 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $11.59 per share, for a total transaction of $231,800.00. Following the acquisition, the chief financial officer directly owned 141,150 shares of the company's stock, valued at $1,635,928.50. The trade was a 16.51% increase in their position. The disclosure for this purchase can be found here. 5.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NVCR. Piper Sandler reissued an "overweight" rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. LADENBURG THALM/SH SH initiated 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. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $14.50 target price (down from $40.00) on shares of NovoCure in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.79.

NovoCure Price Performance

NVCR stock traded up $0.32 during mid-day trading on Thursday, reaching $12.53. 338,620 shares of the company traded hands, compared to its average volume of 1,224,206. NovoCure Limited has a 52-week low of $10.87 and a 52-week high of $34.13. The company has a market capitalization of $1.40 billion, a P/E ratio of -8.04 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.45 and a quick ratio of 1.39. The company has a fifty day moving average price of $13.41 and a 200-day moving average price of $16.40.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its 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. The business had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The company's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.31) EPS. As a group, analysts anticipate that NovoCure Limited will post -1.3 earnings per share for the current year.

NovoCure Profile

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.