Cinctive Capital Management LP Lowers Stock Position 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 reduced its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 57.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,415 shares of the medical equipment provider's stock after selling 63,397 shares during the quarter. Cinctive Capital Management LP's holdings in NovoCure were worth $827,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GF Fund Management CO. LTD. purchased a new position in shares of NovoCure in the 4th quarter worth approximately $68,000. Russell Investments Group Ltd. lifted its position in NovoCure by 463.8% in the first quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider's stock worth $116,000 after buying an additional 5,371 shares during the last quarter. Mackenzie Financial Corp bought a new stake in NovoCure in the fourth quarter worth $203,000. Point72 Asia Singapore Pte. Ltd. boosted its stake 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 buying an additional 5,008 shares during the period. Finally, Wealthquest Corp bought a new position in NovoCure during the first quarter valued at $129,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Trading Up 0.5%

Shares of NASDAQ NVCR traded up $0.06 during mid-day trading on Tuesday, reaching $12.66. The company had a trading volume of 1,335,192 shares, compared to its average volume of 1,227,915. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -8.12 and a beta of 0.58. NovoCure Limited has a 52 week low of $10.87 and a 52 week high of $34.13. The business's 50-day moving average is $13.52 and its 200-day moving average is $16.43. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its quarterly earnings data 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 company 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 firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.31) EPS. Equities analysts expect that NovoCure Limited will post -1.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on NVCR shares. Piper Sandler restated an "overweight" rating and issued a $34.00 target price on shares of NovoCure in a report on Friday, June 27th. LADENBURG THALM/SH SH began 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 previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, NovoCure currently has a consensus rating of "Moderate Buy" and an average price target of $28.79.

Insider Buying and Selling

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

NovoCure Company 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.