Panagora Asset Management Inc. Sells 97,592 Shares of NovoCure Limited $NVCR

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. reduced its holdings in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 53.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,324 shares of the medical equipment provider's stock after selling 97,592 shares during the quarter. Panagora Asset Management Inc. owned 0.07% of NovoCure worth $1,485,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Soleus Capital Management L.P. purchased a new stake in shares of NovoCure in the 4th quarter valued at $81,643,000. Northern Trust Corp grew its holdings in shares of NovoCure by 39.1% in the fourth quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock valued at $38,274,000 after purchasing an additional 360,841 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of NovoCure by 27.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,068,863 shares of the medical equipment provider's stock worth $31,852,000 after purchasing an additional 229,689 shares during the last quarter. Millennium Management LLC raised its holdings in shares of 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 acquiring an additional 164,416 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of NovoCure during the first quarter worth about $12,363,000. Institutional investors own 84.61% of the company's stock.

NovoCure Trading Up 2.3%

Shares of NovoCure stock traded up $0.29 during trading on Monday, hitting $12.57. The company's stock had a trading volume of 1,394,689 shares, compared to its average volume of 1,222,139. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -8.11 and a beta of 0.58. The stock has a 50-day moving average price of $13.73 and a two-hundred day moving average price of $16.52. 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 52 week low of $10.87 and a 52 week high of $34.13.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly 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 firm had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The business's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) EPS. Equities research analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ashley Cordova bought 81,550 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the purchase, the chief executive officer directly owned 437,569 shares of the company's stock, valued at approximately $5,347,093.18. This trade represents a 22.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Christoph Brackmann bought 20,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $11.59 per share, with a total value 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 represents a 16.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NVCR shares. Piper Sandler reissued an "overweight" rating and issued a $34.00 price objective on shares of NovoCure in a research note on Friday, June 27th. LADENBURG THALM/SH SH initiated coverage on NovoCure in a research report on Tuesday, July 8th. They set a "buy" rating and a $30.00 target price on the stock. Finally, 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. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, NovoCure presently has a consensus rating of "Moderate Buy" and a consensus 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.