NovoCure Limited $NVCR Shares Sold by Hsbc Holdings PLC

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 decreased its holdings in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 75.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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.

Several other hedge funds have also made changes to their positions in the business. Soleus Capital Management L.P. purchased a new stake in shares of NovoCure during the 4th quarter valued at $81,643,000. Nuveen LLC purchased a new stake in shares of NovoCure during the 1st quarter valued at $12,363,000. Northern Trust Corp grew its stake in shares of NovoCure by 39.1% during the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock valued at $38,274,000 after buying an additional 360,841 shares during the period. Millennium Management LLC grew its stake in shares of NovoCure by 28.8% during the 4th quarter. Millennium Management LLC now owns 735,227 shares of the medical equipment provider's stock valued at $21,910,000 after buying an additional 164,416 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in shares of NovoCure during the 1st quarter valued at $2,856,000. Institutional investors and hedge funds own 84.61% of the company's stock.

NovoCure Stock Up 4.3%

NovoCure stock traded up $0.52 during trading on Thursday, reaching $12.73. 1,536,489 shares of the company's stock were exchanged, compared to its average volume of 1,265,569. The company's 50-day moving average is $13.31 and its two-hundred day moving average is $16.34. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. NovoCure Limited has a 52-week low of $10.87 and a 52-week high of $34.13. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -8.16 and a beta of 0.58.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.03. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The firm had revenue of $158.80 million during the quarter, compared to analysts' expectations of $153.87 million. During the same period in the prior year, the company earned ($0.31) EPS. The firm's revenue was up 5.6% on a year-over-year basis. On average, analysts predict that NovoCure Limited will post -1.3 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Activity

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

NovoCure Company 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.