Cubist Systematic Strategies LLC Sells 83,600 Shares of NovoCure Limited $NVCR

Key Points

• Cubist Systematic Strategies LLC has reduced its holdings in NovoCure Limited by 24.9%, selling 83,600 shares to hold a total of 251,618 shares valued at approximately $4.48 million.
• NovoCure's stock is currently trading at $11.98, having a fifty-two week low of $10.87 and a high of $34.13, reflecting a 0.8% decline in its stock price.
• The company's Q2 earnings surpassed expectations, reporting a loss of ($0.36) per share, with revenues of $158.80 million, marking a 5.6% increase year-over-year.

Cubist Systematic Strategies LLC reduced its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 24.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 251,618 shares of the medical equipment provider's stock after selling 83,600 shares during the period. Cubist Systematic Strategies LLC owned 0.23% of NovoCure worth $4,484,000 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 company. GF Fund Management CO. LTD. bought a new stake in shares of NovoCure during the fourth quarter valued at about $68,000. Russell Investments Group Ltd. boosted its stake 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 in the last quarter. Wealthquest Corp purchased a new stake in NovoCure in the first quarter worth approximately $129,000. AdvisorNet Financial Inc boosted its stake in NovoCure by 16.7% in the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock worth $187,000 after buying an additional 1,500 shares in the last quarter. Finally, Kera Capital Partners Inc. purchased a new stake in NovoCure in the first quarter worth approximately $194,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NVCR. Piper Sandler reaffirmed an "overweight" rating and issued a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research note on Friday, July 25th. Finally, LADENBURG THALM/SH SH began coverage on NovoCure in a research note on Tuesday, July 8th. They issued a "buy" rating and a $30.00 target price for the company. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.79.

NovoCure Stock Down 3.5%

Shares of NASDAQ NVCR traded down $0.44 during trading on Wednesday, reaching $12.22. The company had a trading volume of 255,305 shares, compared to its average volume of 1,221,891. NovoCure Limited has a 12-month low of $10.87 and a 12-month high of $34.13. The stock has a market cap of $1.37 billion, a PE ratio of -7.83 and a beta of 0.58. The business's 50-day moving average is $13.52 and its 200 day moving average is $16.43. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28.

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, topping analysts' consensus estimates of ($0.39) by $0.03. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The firm had revenue of $158.80 million for the quarter, compared to analysts' expectations of $153.87 million. During the same period in the prior year, the firm posted ($0.31) earnings per share. The company's quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other NovoCure 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 cost 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ashley Cordova bought 81,550 shares of the company's stock in a transaction on 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 transaction, the chief executive officer directly owned 437,569 shares of the company's stock, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 5.52% of the company's stock.

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.