NovoCure Limited $NVCR Holdings Reduced by Bank of America Corp DE

Key Points

• Bank of America cut its NovoCure stake by 50.4% in the first quarter, selling 172,940 shares and retaining 170,013 shares worth approximately $1.85 million. Institutional investors collectively own 84.61% of the company.
• Analyst sentiment remains mixed but centers on a “Hold” rating, with two Buy ratings, four Holds, and one Sell; the consensus price target is $21.20.
• NovoCure shares recently traded up 2.6% at $17.83. The company beat quarterly expectations, reporting an adjusted loss of $0.13 per share versus the expected $0.33 loss and revenue of $183.58 million, up 15.6% year over year.

Bank of America Corp DE lowered its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 50.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 170,013 shares of the medical equipment provider's stock after selling 172,940 shares during the quarter. Bank of America Corp DE owned about 0.15% of NovoCure worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in NovoCure by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 10,958,209 shares of the medical equipment provider's stock valued at $141,690,000 after acquiring an additional 502,368 shares in the last quarter. Sei Investments Co. grew its stake in shares of NovoCure by 367.6% in the first quarter. Sei Investments Co. now owns 114,281 shares of the medical equipment provider's stock worth $1,246,000 after purchasing an additional 89,839 shares in the last quarter. Eversept Partners LP bought a new position in shares of NovoCure in the fourth quarter worth $1,564,000. First Trust Advisors LP acquired a new position in shares of NovoCure during the first quarter valued at $1,028,000. Finally, Quantinno Capital Management LP raised its stake in shares of NovoCure by 23.7% during the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider's stock valued at $27,112,000 after purchasing an additional 477,128 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

NVCR has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of NovoCure from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Weiss Ratings restated a "sell (d-)" rating on shares of NovoCure in a research report on Thursday, August 27th. Wedbush upped their price target on shares of NovoCure from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Zacks Research upgraded shares of NovoCure from a "strong sell" rating to a "hold" rating in a report on Friday, July 24th. Finally, HC Wainwright set a $32.00 price objective on shares of NovoCure in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $21.20.

NovoCure Trading Up 2.6%

Shares of NVCR stock opened at $17.83 on Thursday. The stock has a 50-day simple moving average of $16.73 and a 200 day simple moving average of $14.96. The stock has a market capitalization of $2.08 billion, a P/E ratio of -13.72 and a beta of 1.01. NovoCure Limited has a fifty-two week low of $9.82 and a fifty-two week high of $21.45. The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.33) by $0.20. The company had revenue of $183.58 million during the quarter, compared to the consensus estimate of $172.44 million. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. NovoCure's revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.36) EPS. On average, sell-side analysts expect that NovoCure Limited will post -1.21 earnings per share for the current fiscal year.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company's non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure's approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.

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