Hsbc Holdings PLC Has $219,000 Stock Position in NovoCure Limited $NVCR

Key Points

• Hsbc Holdings PLC reduced its stake in NovoCure Limited by 75.2%, holding only 12,356 shares valued at $219,000 after selling 37,369 shares in the first quarter.
• Several other institutional investors have increased their positions in NovoCure, including Algert Global LLC, which boosted its stake by 41.1% to 97,751 shares worth $1,742,000.
• CFO Christoph Brackmann purchased 20,000 shares at an average cost of $11.59 each, increasing his total holdings to 141,150 shares, valued around $1.6 million.

Hsbc Holdings PLC reduced its holdings in NovoCure Limited (NASDAQ:NVCR - Free Report) by 75.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 12,356 shares of the medical equipment provider's stock after selling 37,369 shares during the quarter. Hsbc Holdings PLC's holdings in NovoCure were worth $219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new position in NovoCure in the 4th quarter valued at approximately $68,000. Russell Investments Group Ltd. increased its position in NovoCure by 463.8% in the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider's stock valued at $116,000 after acquiring an additional 5,371 shares during the period. Mackenzie Financial Corp acquired a new position in NovoCure in the 4th quarter valued at approximately $203,000. Point72 Asia Singapore Pte. Ltd. increased its position in NovoCure by 264.6% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,901 shares of the medical equipment provider's stock valued at $206,000 after acquiring an additional 5,008 shares during the period. Finally, Wealthquest Corp acquired a new position in NovoCure in the 1st quarter valued at approximately $129,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVCR has been the subject of several recent research reports. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a research report on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price target for the company. Piper Sandler reiterated an "overweight" rating and set a $34.00 price objective on shares of NovoCure in a research report on Friday, June 27th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $14.50 price objective (down from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.79.

Insider Buying and Selling at NovoCure

In other NovoCure news, CFO Christoph Brackmann acquired 20,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $11.59 per share, with a total value of $231,800.00. Following the completion of the purchase, the chief financial officer 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashley Cordova acquired 81,550 shares of NovoCure stock in a transaction dated Friday, September 5th. The shares were acquired at an average price of $12.22 per share, with a total value of $996,541.00. Following the completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. 5.52% of the stock is owned by corporate insiders.

NovoCure Stock Up 2.6%

NASDAQ NVCR traded up $0.32 on Monday, hitting $12.60. 2,193,066 shares of the company were exchanged, compared to its average volume of 1,281,097. The company has a market cap of $1.41 billion, a PE ratio of -8.08 and a beta of 0.58. NovoCure Limited has a 12 month low of $10.87 and a 12 month high of $34.13. The stock has a fifty day moving average of $13.62 and a 200-day moving average of $16.46. The company has a current ratio of 1.45, a quick ratio of 1.39 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 business had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. NovoCure's revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.31) earnings per share. As a group, analysts forecast 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.