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

Edgestream Partners L.P. purchased a new position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 reporting period.

Other hedge funds also recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its holdings in shares of NovoCure by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,141 shares of the medical equipment provider's stock worth $332,000 after acquiring an additional 708 shares during the period. GeoWealth Management LLC purchased a new position in shares of NovoCure during the 4th quarter worth about $27,000. AdvisorNet Financial Inc lifted its holdings in shares of NovoCure by 16.7% during the 1st quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock worth $187,000 after acquiring an additional 1,500 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of NovoCure by 2.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,490 shares of the medical equipment provider's stock worth $2,160,000 after acquiring an additional 1,978 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of NovoCure by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 324,592 shares of the medical equipment provider's stock worth $5,784,000 after acquiring an additional 2,062 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Stock Down 2.3%

NASDAQ:NVCR traded down $0.38 during trading hours on Thursday, hitting $16.21. The stock had a trading volume of 1,109,618 shares, compared to its average volume of 1,124,485. The company has a current ratio of 1.47, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27. NovoCure Limited has a 1-year low of $14.17 and a 1-year high of $34.13. The business has a 50 day simple moving average of $17.66 and a two-hundred day simple moving average of $20.03. The company has a market cap of $1.81 billion, a PE ratio of -10.74 and a beta of 0.72.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.47) by $0.16. NovoCure had a negative net margin of 26.41% and a negative return on equity of 45.46%. The business had revenue of $154.99 million during the quarter, compared to analyst estimates of $147.57 million. During the same quarter in the previous year, the firm earned ($0.36) earnings per share. The business's revenue was up 11.9% compared to the same quarter last year. Analysts predict that NovoCure Limited will post -1.3 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.