Northern Trust Corp Has $22.02 Million Stock Holdings in NovoCure Limited $NVCR

Key Points

• Northern Trust Corp has reduced its holdings in NovoCure by 3.8%, now owning approximately 1.11% of the company valued at $22 million.
• Analysts have set a consensus price target of $28.79 for NovoCure stock, with ratings ranging from "buy" to "hold" by various financial institutions.
• CFO Christoph Brackmann purchased 20,000 shares of NovoCure stock, increasing his position by 16.51% to a total of 141,150 shares.

Northern Trust Corp reduced its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,235,439 shares of the medical equipment provider's stock after selling 48,911 shares during the quarter. Northern Trust Corp owned about 1.11% of NovoCure worth $22,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NVCR. Soleus Capital Management L.P. bought a new position in shares of NovoCure in the 4th quarter worth $81,643,000. Balyasny Asset Management L.P. increased its position in shares of NovoCure by 27.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,068,863 shares of the medical equipment provider's stock valued at $31,852,000 after acquiring an additional 229,689 shares during the period. Millennium Management LLC boosted its holdings in NovoCure by 28.8% in the fourth quarter. Millennium Management LLC now owns 735,227 shares of the medical equipment provider's stock valued at $21,910,000 after purchasing an additional 164,416 shares during the last quarter. Nuveen LLC purchased a new stake in NovoCure in the first quarter valued at $12,363,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in NovoCure by 22.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 534,749 shares of the medical equipment provider's stock valued at $9,529,000 after purchasing an additional 96,977 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling at NovoCure

In other NovoCure news, CFO Christoph Brackmann bought 20,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $11.59 per share, for a total transaction of $231,800.00. Following the acquisition, the chief financial officer directly owned 141,150 shares of the company's stock, valued at approximately $1,635,928.50. This trade represents a 16.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.52% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

NovoCure Trading Up 1.7%

Shares of NVCR traded up $0.20 on Friday, hitting $12.18. 212,127 shares of the stock traded hands, compared to its average volume of 1,215,422. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.36 billion, a P/E ratio of -7.81 and a beta of 0.58. The stock's 50 day moving average is $13.84 and its two-hundred day moving average is $16.66. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $34.13.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.03. The company had revenue of $158.80 million during the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The business's revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.31) earnings per share. As a group, sell-side analysts predict 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.