Connor Clark & Lunn Investment Management Ltd. Raises Position in NovoCure Limited (NASDAQ:NVCR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in NovoCure Limited by 22.2% during the first quarter, now holding a total of 534,749 shares worth approximately $9.5 million.
• Wall Street analysts have mixed opinions on NovoCure, with one firm downgrading it to a "sell" and target prices ranging from $14.50 to $34.00, leading to an average rating of "Hold".
• NovoCure reported a quarterly earnings surprise with an EPS of ($0.36), beating expectations, and a revenue increase of 5.6% year-over-year despite ongoing financial challenges.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in NovoCure Limited (NASDAQ:NVCR - Free Report) by 22.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 534,749 shares of the medical equipment provider's stock after buying an additional 96,977 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.48% of NovoCure worth $9,529,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. LPL Financial LLC purchased a new stake in NovoCure during the fourth quarter worth $830,000. Envestnet Asset Management Inc. purchased a new stake in NovoCure during the fourth quarter worth $273,000. Bank of Montreal Can purchased a new stake in NovoCure during the fourth quarter worth $244,000. Invesco Ltd. boosted its position in NovoCure by 72.6% during the fourth quarter. Invesco Ltd. now owns 189,474 shares of the medical equipment provider's stock worth $5,646,000 after purchasing an additional 79,698 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in NovoCure during the fourth quarter worth $348,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Christoph Brackmann bought 20,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $11.59 per share, with a total value of $231,800.00. Following the completion of the transaction, the chief financial officer directly owned 141,150 shares of the company's stock, valued at approximately $1,635,928.50. This represents a 16.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.52% of the company's stock.

NovoCure Trading Up 1.2%

NovoCure stock traded up $0.14 during trading on Friday, hitting $11.73. The company's stock had a trading volume of 1,339,847 shares, compared to its average volume of 2,258,818. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -7.52 and a beta of 0.61. The stock's fifty day moving average is $15.31 and its 200 day moving average is $17.73. NovoCure Limited has a 1-year low of $10.87 and a 1-year high of $34.13. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) 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 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 business's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.31) earnings per share. As a group, equities research analysts predict that NovoCure Limited will post -1.3 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on the company. LADENBURG THALM/SH SH initiated coverage on NovoCure in a research report on Tuesday, July 8th. They set a "buy" rating and a $30.00 target price on the stock. Wall Street Zen cut NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Wells Fargo & Company reissued an "equal weight" rating and issued a $14.50 price target (down from $40.00) on shares of NovoCure in a report on Friday, July 25th. Finally, Piper Sandler reissued an "overweight" rating and issued a $34.00 price target on shares of NovoCure in a report on Friday, June 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $28.79.

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.