NovoCure Limited $NVCR Shares Purchased by Palo Alto Investors LP

Key Points

• Palo Alto Investors LP increased its stake in NovoCure Limited by 23.1% during Q1, owning 1,002,061 shares, making it the firm's 11th largest holding.
• NovoCure reported a loss of $0.36 earnings per share for the latest quarter, exceeding analysts' expectations of a loss of $0.39, with revenue reaching $158.80 million.
• Research analysts have recently set price targets for NovoCure, with a consensus target of $28.79, reflecting a mix of "Buy" and "Hold" ratings from various investment firms.

Palo Alto Investors LP boosted its position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 23.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 1,002,061 shares of the medical equipment provider's stock after acquiring an additional 187,870 shares during the quarter. NovoCure comprises about 3.4% of Palo Alto Investors LP's portfolio, making the stock its 11th largest position. Palo Alto Investors LP owned about 0.90% of NovoCure worth $17,857,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Soleus Capital Management L.P. purchased a new position in shares of NovoCure in the fourth quarter worth about $81,643,000. Nuveen LLC purchased a new position in NovoCure during the 1st quarter worth approximately $12,363,000. Northern Trust Corp raised its position in NovoCure by 39.1% during the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock worth $38,274,000 after buying an additional 360,841 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in NovoCure by 223.1% during the 4th quarter. Cubist Systematic Strategies LLC now owns 335,218 shares of the medical equipment provider's stock valued at $9,990,000 after acquiring an additional 231,466 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings 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 last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NovoCure news, CFO Christoph Brackmann acquired 20,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $11.59 per share, for a total transaction of $231,800.00. Following the completion of the transaction, the chief financial officer directly owned 141,150 shares of the company's stock, valued at $1,635,928.50. This represents a 16.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.52% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on NVCR shares. Wells Fargo & Company reissued an "equal weight" rating and set a $14.50 target price (down previously from $40.00) on shares of NovoCure in a report on Friday, July 25th. LADENBURG THALM/SH SH started coverage on NovoCure in a report on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, Piper Sandler restated an "overweight" rating and issued a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.79.

NovoCure Stock Performance

NVCR traded up $0.30 on Friday, reaching $12.28. The stock had a trading volume of 1,255,251 shares, compared to its average volume of 1,281,097. The business's 50-day moving average price is $13.73 and its two-hundred day moving average price is $16.52. The company has a market cap of $1.37 billion, a P/E ratio of -7.87 and a beta of 0.58. NovoCure Limited has a 12-month low of $10.87 and a 12-month high of $34.13. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28.

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 analysts' consensus estimates of ($0.39) by $0.03. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The firm had revenue of $158.80 million for the quarter, compared to analysts' expectations of $153.87 million. During the same period last year, the firm earned ($0.31) EPS. The company's quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

About NovoCure

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.