Edgestream Partners L.P. Buys Shares of 160,272 NovoCure Limited (NASDAQ:NVCR)

Edgestream Partners L.P. purchased a new position in NovoCure Limited (NASDAQ:NVCR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 160,272 shares of the medical equipment provider's stock, valued at approximately $2,856,000. Edgestream Partners L.P. owned about 0.14% of NovoCure at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NVCR. Capital International Investors lifted its holdings in NovoCure by 12.0% in the fourth quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock worth $264,442,000 after acquiring an additional 951,141 shares during the last quarter. Capital World Investors lifted its holdings in shares of NovoCure by 11.8% in the 4th quarter. Capital World Investors now owns 4,815,529 shares of the medical equipment provider's stock worth $143,503,000 after purchasing an additional 507,311 shares during the last quarter. Soleus Capital Management L.P. acquired a new position in NovoCure during the 4th quarter valued at approximately $81,643,000. Northern Trust Corp grew its stake in NovoCure by 39.1% during the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock worth $38,274,000 after buying an additional 360,841 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in NovoCure by 27.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,068,863 shares of the medical equipment provider's stock worth $31,852,000 after buying an additional 229,689 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NVCR. JPMorgan Chase & Co. decreased their price target on NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. LADENBURG THALM/SH SH initiated coverage on shares of NovoCure in a report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price target on the stock. Piper Sandler restated an "overweight" rating and set a $34.00 price target on shares of NovoCure in a report on Friday, June 27th. Wedbush decreased their price objective on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Wall Street Zen lowered NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, NovoCure currently has an average rating of "Moderate Buy" and a consensus target price of $32.43.

NovoCure Stock Down 1.2%

Shares of NVCR stock traded down $0.19 during trading on Friday, reaching $16.02. The company's stock had a trading volume of 1,039,759 shares, compared to its average volume of 1,127,235. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -10.61 and a beta of 0.72. NovoCure Limited has a one year low of $14.17 and a one year high of $34.13. The business has a fifty day moving average price of $17.60 and a 200-day moving average price of $19.77. The company has a quick ratio of 1.41, a current ratio of 1.47 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts' consensus estimates of ($0.47) by $0.16. The business had revenue of $154.99 million for the quarter, compared to analyst estimates of $147.57 million. NovoCure had a negative net margin of 26.41% and a negative return on equity of 45.46%. NovoCure's quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.36) EPS. 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.