NovoCure Limited $NVCR Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. reduced its stake in NovoCure Limited by 53.9%, selling 97,592 shares to hold 83,324 shares valued at approximately $1.485 million.
• Analysts have mixed ratings on NovoCure, with Piper Sandler maintaining an "overweight" rating at a $34 price target, while Wells Fargo lowered its target to $14.50, reflecting differing views on the company's performance.
• NovoCure's recent quarterly earnings showed a revenue increase of 5.6% year-over-year, reporting $158.80 million, though it experienced a net loss with EPS of ($0.36) against expectations of ($0.39).

Panagora Asset Management Inc. cut its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 53.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 83,324 shares of the medical equipment provider's stock after selling 97,592 shares during the period. Panagora Asset Management Inc. owned approximately 0.07% of NovoCure worth $1,485,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new stake in NovoCure during the 4th quarter valued at approximately $68,000. Russell Investments Group Ltd. raised its stake in shares of NovoCure by 463.8% during the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider's stock worth $116,000 after buying an additional 5,371 shares in the last quarter. Wealthquest Corp purchased a new position in shares of NovoCure during the 1st quarter worth approximately $129,000. AdvisorNet Financial Inc raised its stake in shares of NovoCure by 16.7% during the 1st quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock worth $187,000 after buying an additional 1,500 shares in the last quarter. Finally, Kera Capital Partners Inc. purchased a new position in shares of NovoCure during the 1st quarter worth approximately $194,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at NovoCure

In other NovoCure news, CEO Ashley Cordova acquired 81,550 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were acquired at an average price of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the acquisition, the chief executive officer directly owned 437,569 shares of the company's stock, valued at $5,347,093.18. This trade represents a 22.91% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Christoph Brackmann acquired 20,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were acquired 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. The trade was a 16.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.52% of the stock is owned by company insiders.

NovoCure Price Performance

NASDAQ:NVCR traded down $0.04 during trading hours on Tuesday, reaching $12.57. 235,664 shares of the company traded hands, compared to its average volume of 1,221,448. The firm's 50-day moving average is $13.62 and its 200-day moving average is $16.46. The stock has a market cap of $1.40 billion, a P/E ratio of -8.02 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.45 and a quick ratio of 1.39. 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 announced 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. The firm had revenue of $158.80 million for the quarter, compared to analysts' expectations of $153.87 million. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.NovoCure's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.31) EPS. Equities research analysts expect that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.