Strs Ohio Takes Position in NovoCure Limited $NVCR

Key Points

• Strs Ohio invested approximately $759,000 in NovoCure Limited by acquiring 42,600 shares of the medical equipment provider's stock.
• A significant change in institutional ownership occurred as UBS Asset Management increased its position in NovoCure by 154.0%, now holding shares worth $31.76 million.
• The stock of NovoCure currently holds a consensus rating of "Moderate Buy" among analysts, with an average price target of $28.79.

Strs Ohio acquired a new stake in NovoCure Limited (NASDAQ:NVCR - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 42,600 shares of the medical equipment provider's stock, valued at approximately $759,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in NovoCure in the 4th quarter valued at $68,000. Acadian Asset Management LLC purchased a new position in NovoCure in the 1st quarter valued at $87,000. Russell Investments Group Ltd. boosted its position 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 purchasing an additional 5,371 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of NovoCure during the 4th quarter worth $203,000. Finally, Wealthquest Corp purchased a new stake in shares of NovoCure during the 1st quarter worth $129,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at NovoCure

In other news, CFO Christoph Brackmann bought 20,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was 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 owned 141,150 shares of the company's stock, valued at $1,635,928.50. This trade represents a 16.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ashley Cordova bought 81,550 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were purchased at an average price of $12.22 per share, with a total value of $996,541.00. Following the acquisition, the chief executive officer directly owned 437,569 shares in the company, valued at approximately $5,347,093.18. This trade represents a 22.91% increase in their position. The disclosure for this purchase can be found here. 5.52% of the stock is currently owned by insiders.

NovoCure Trading Down 2.4%

Shares of NASDAQ NVCR traded down $0.31 on Friday, reaching $12.69. 2,167,416 shares of the company traded hands, compared to its average volume of 1,373,810. NovoCure Limited has a fifty-two week low of $10.87 and a fifty-two week high of $34.13. The company has a 50 day moving average of $12.70 and a 200 day moving average of $16.03. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $1.42 billion, a PE ratio of -8.13 and a beta of 0.58.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings data 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 net margin of 27.13% and a negative return on equity of 47.74%. The company had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. During the same quarter in the prior year, the company posted ($0.31) EPS. The company's quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current fiscal 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.