Invesco Ltd. Sells 87,927 Shares of NovoCure Limited $NVCR

Key Points

• Invesco Ltd. reduced its stake in NovoCure Limited by 46.4%, now holding approximately 101,547 shares valued at $1.81 million.
• NovoCure reported a 5.6% increase in quarterly revenue compared to the same period last year, totaling $158.80 million, and beat EPS estimates by $0.03.
• Stock analysts have a mixed outlook on NovoCure, with target prices ranging from $14.50 to $34.00, resulting in an average rating of "Moderate Buy."

Invesco Ltd. cut its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 46.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,547 shares of the medical equipment provider's stock after selling 87,927 shares during the quarter. Invesco Ltd. owned approximately 0.09% of NovoCure worth $1,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NVCR. Envestnet Asset Management Inc. acquired a new position in NovoCure during the 4th quarter worth about $273,000. Raymond James Financial Inc. acquired a new position in NovoCure during the 4th quarter worth about $348,000. Mariner LLC acquired a new position in NovoCure during the 4th quarter worth about $257,000. Northern Trust Corp lifted its holdings 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 period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in NovoCure during the 4th quarter worth about $3,137,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Christoph Brackmann purchased 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $11.59 per share, with a total value of $231,800.00. Following the purchase, the chief financial officer owned 141,150 shares in the company, valued at $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 SEC, which can be accessed through this hyperlink. Company insiders own 5.52% of the company's stock.

NovoCure Stock Up 2.5%

NVCR stock traded up $0.30 during trading on Friday, reaching $12.28. 1,255,251 shares of the stock were exchanged, compared to its average volume of 1,287,068. The firm's 50 day moving average is $13.73 and its 200 day moving average is $16.60. NovoCure Limited has a twelve month low of $10.87 and a twelve month high of $34.13. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.37 billion, a P/E ratio of -7.87 and a beta of 0.58.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted 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 return on equity of 47.74% and a negative net margin of 27.13%.The business had revenue of $158.80 million for the quarter, compared to the consensus estimate of $153.87 million. During the same period in the prior year, the business earned ($0.31) EPS. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, research analysts forecast that NovoCure Limited will post -1.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Piper Sandler reissued an "overweight" rating and issued a $34.00 price objective on shares of NovoCure in a research note on Friday, June 27th. LADENBURG THALM/SH SH assumed coverage on NovoCure in a research note on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.79.

About NovoCure

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.