NovoCure Limited $NVCR Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its NovoCure stake by 68.2% in the second quarter, selling 148,910 shares and retaining 69,390 shares worth approximately $1.05 million.
• Institutional ownership remains high at 84.61%, while several funds—including Allianz Asset Management and Coppell Advisory Solutions—opened new positions in the company.
• NovoCure reported better-than-expected quarterly results, with revenue up 15.6% year over year to $183.58 million and an EPS loss of $0.13 versus the $0.33 expected. Analysts maintain a consensus “Hold” rating with a $21.20 target price.

Engineers Gate Manager LP trimmed its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 68.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,390 shares of the medical equipment provider's stock after selling 148,910 shares during the quarter. Engineers Gate Manager LP owned approximately 0.06% of NovoCure worth $1,051,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in NovoCure in the second quarter valued at about $84,000. Allworth Financial LP grew its position in shares of NovoCure by 182.0% in the 2nd quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider's stock worth $41,000 after acquiring an additional 1,756 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in shares of NovoCure in the 2nd quarter worth approximately $2,248,000. Coppell Advisory Solutions LLC bought a new stake in shares of NovoCure in the 2nd quarter valued at approximately $590,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of NovoCure in the 2nd quarter valued at approximately $162,000. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Price Performance

NASDAQ NVCR opened at $16.69 on Friday. NovoCure Limited has a 1 year low of $9.82 and a 1 year high of $21.45. The business's fifty day moving average is $16.76 and its two-hundred day moving average is $15.32. The stock has a market capitalization of $1.94 billion, a P/E ratio of -12.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.70 and a current ratio of 2.89.

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

Analyst Upgrades and Downgrades

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

About NovoCure

NovoCure Ltd. NASDAQ: NVCR is an oncology company that develops and commercializes Tumor Treating Fields (TTFields), a noninvasive therapy that uses low-intensity, intermediate-frequency electric fields to disrupt the division of cancer cells. The company's technology is designed to be used alongside other cancer treatments and is delivered through a portable device and transducer arrays placed on the patient's body.

NovoCure's principal commercial products include Optune Gio, used with other treatments for adults with certain forms of glioblastoma, and Optune Lua, approved in the United States for use with certain therapies in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.

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