Taylor Frigon Capital Management LLC Trims Stake in NovoCure Limited (NASDAQ:NVCR)

Taylor Frigon Capital Management LLC reduced its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,548 shares of the medical equipment provider's stock after selling 15,894 shares during the period. NovoCure comprises about 1.3% of Taylor Frigon Capital Management LLC's portfolio, making the stock its 18th biggest holding. Taylor Frigon Capital Management LLC owned about 0.11% of NovoCure worth $2,273,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Soleus Capital Management L.P. acquired a new position in shares of NovoCure in the fourth quarter worth about $81,643,000. Capital International Investors increased its stake in shares of NovoCure by 12.0% in the 4th quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock valued at $264,442,000 after purchasing an additional 951,141 shares in the last quarter. Granite Investment Partners LLC acquired a new position in NovoCure in the 4th quarter worth about $20,464,000. Emerald Advisers LLC purchased a new position in NovoCure during the fourth quarter worth approximately $16,317,000. Finally, Capital World Investors boosted its position in NovoCure by 11.8% during the fourth quarter. Capital World Investors now owns 4,815,529 shares of the medical equipment provider's stock worth $143,503,000 after purchasing an additional 507,311 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NVCR shares. Wall Street Zen cut NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. JPMorgan Chase & Co. decreased their target price on NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Piper Sandler reiterated an "overweight" rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. Finally, Wedbush reduced their price objective on NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, NovoCure currently has a consensus rating of "Hold" and an average price target of $32.83.

NovoCure Price Performance

Shares of NovoCure stock traded down $0.18 on Thursday, hitting $17.71. 534,101 shares of the company were exchanged, compared to its average volume of 1,133,664. The company has a quick ratio of 1.41, a current ratio of 1.47 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $17.73 and a 200 day moving average price of $20.97. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -11.73 and a beta of 0.72. NovoCure Limited has a 1-year low of $14.17 and a 1-year high of $34.13.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $154.99 million for the quarter, compared to analysts' expectations of $147.57 million. During the same quarter in the previous year, the company posted ($0.36) EPS. The company's revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts predict that NovoCure Limited will post -1.3 earnings per share for the current fiscal 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.