Soleus Capital Management L.P. Acquires New Stake in NovoCure Limited (NASDAQ:NVCR)

Soleus Capital Management L.P. purchased a new position in NovoCure Limited (NASDAQ:NVCR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,739,704 shares of the medical equipment provider's stock, valued at approximately $81,643,000. NovoCure makes up 5.1% of Soleus Capital Management L.P.'s investment portfolio, making the stock its 2nd largest holding. Soleus Capital Management L.P. owned approximately 2.53% of NovoCure at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NVCR. Nisa Investment Advisors LLC raised its position in NovoCure by 57.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,321 shares of the medical equipment provider's stock worth $129,000 after purchasing an additional 1,575 shares in the last quarter. Blue Trust Inc. raised its position in NovoCure by 70.7% in the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider's stock worth $56,000 after purchasing an additional 781 shares in the last quarter. KBC Group NV raised its position in NovoCure by 65.1% in the fourth quarter. KBC Group NV now owns 5,091 shares of the medical equipment provider's stock worth $152,000 after purchasing an additional 2,008 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in NovoCure by 10.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 22,943 shares of the medical equipment provider's stock worth $684,000 after purchasing an additional 2,129 shares in the last quarter. Finally, Choreo LLC acquired a new position in NovoCure in the fourth quarter worth about $251,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on NVCR shares. Wedbush dropped their price target on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their price objective on shares of NovoCure from $42.00 to $34.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen lowered shares of NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $32.83.

NovoCure Price Performance

Shares of NovoCure stock traded up $0.43 during midday trading on Friday, reaching $18.54. The company had a trading volume of 869,910 shares, compared to its average volume of 1,142,164. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -13.24 and a beta of 0.73. The stock has a fifty day simple moving average of $17.53 and a 200 day simple moving average of $21.82. NovoCure Limited has a 1-year low of $14.17 and a 1-year high of $34.13.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.47) by $0.16. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm had revenue of $154.99 million for the quarter, compared to analysts' expectations of $147.57 million. During the same period last year, the firm earned ($0.36) earnings per share. The business's revenue for the quarter was up 11.9% on a year-over-year basis. As a group, equities research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

NovoCure Company Profile

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.