NovoCure Limited (NASDAQ:NVCR) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its holdings in NovoCure Limited (NASDAQ:NVCR - Free Report) by 75.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 220,075 shares of the medical equipment provider's stock after selling 687,912 shares during the quarter. Federated Hermes Inc. owned approximately 0.20% of NovoCure worth $3,922,000 at the end of the most recent quarter.

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

NovoCure Stock Performance

Shares of NASDAQ:NVCR traded down $0.04 during trading on Wednesday, hitting $11.39. The stock had a trading volume of 1,446,175 shares, compared to its average volume of 1,202,301. The stock has a 50-day simple moving average of $16.32 and a two-hundred day simple moving average of $18.50. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -7.30 and a beta of 0.61. NovoCure Limited has a 12-month low of $10.91 and a 12-month high of $34.13. 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 issued its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.03. The firm 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 revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.31) earnings per share. On average, equities research analysts expect 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 business's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $11.59 per share, for a total transaction 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 $1,635,928.50. This represents a 16.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.52% of the company's stock.

Analysts Set New Price Targets

NVCR has been the subject of a number of research analyst reports. Wall Street Zen lowered NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Wedbush cut their target price on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Piper Sandler reissued an "overweight" rating and set a $34.00 price objective on shares of NovoCure in a report on Friday, June 27th. 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 report on Friday, July 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, NovoCure presently has an average rating of "Hold" and an average target price of $28.79.

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.