NovoCure Limited $NVCR Stake Trimmed by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its NovoCure stake by 71.5% in the second quarter, selling 154,863 shares and retaining 61,650 shares worth approximately $934,000. Institutional investors and hedge funds collectively own 84.61% of NVCR.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $21.20. Recent targets range from $17 to $20, while ratings include two Buys, four Holds, and one Sell.
• NovoCure reported better-than-expected quarterly results, posting a loss of $0.13 per share versus the $0.33 consensus loss and revenue of $183.58 million, up 15.6% year over year. Shares opened at $15.84, within a 52-week range of $9.82 to $21.45.

Corient Private Wealth LP lessened its holdings in NovoCure Limited (NASDAQ:NVCR - Free Report) by 71.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,650 shares of the medical equipment provider's stock after selling 154,863 shares during the period. Corient Private Wealth LP owned approximately 0.05% of NovoCure worth $934,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NVCR. First Bancorp Inc ME purchased a new position in NovoCure in the second quarter valued at $38,000. Venturi Wealth Management LLC acquired a new position in NovoCure during the 1st quarter worth $123,000. Proficio Capital Partners LLC purchased a new stake in NovoCure during the 2nd quarter worth about $162,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in NovoCure during the 1st quarter worth about $198,000. Finally, Pictet Asset Management Holding SA raised its position in NovoCure by 23.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 19,845 shares of the medical equipment provider's stock valued at $216,000 after purchasing an additional 3,811 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wedbush boosted their price objective on NovoCure from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Zacks Research raised shares of NovoCure from a "strong sell" rating to a "hold" rating in a report on Friday, July 24th. JPMorgan Chase & Co. assumed coverage on shares of NovoCure in a research note on Monday, July 13th. They issued a "neutral" rating and a $17.00 price target for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of NovoCure in a report on Thursday, August 27th. Finally, Wall Street Zen downgraded shares of NovoCure from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $21.20.

NovoCure Stock Performance

Shares of NovoCure stock opened at $15.84 on Monday. The firm has a market capitalization of $1.84 billion, a P/E ratio of -12.18 and a beta of 1.01. NovoCure Limited has a 52 week low of $9.82 and a 52 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. The firm's 50 day moving average is $16.79 and its two-hundred day moving average is $15.44.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued 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 net margin of 21.25% and a negative return on equity of 44.00%. The business had revenue of $183.58 million during the quarter, compared to the consensus estimate of $172.44 million. During the same quarter in the previous year, the firm earned ($0.36) EPS. The company's revenue was up 15.6% compared to the same quarter last year. Research analysts forecast that NovoCure Limited will post -1.21 EPS for the current fiscal year.

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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