TD Asset Management Inc Has $343,000 Stock Position in NovoCure Limited $NVCR

Key Points

• TD Asset Management Inc reduced its stake in NovoCure Limited by 60.1%, resulting in ownership of 19,248 shares valued at $343,000 at the end of the second quarter.
• NovoCure's shares opened at $13.92 and reported a negative earnings per share of ($0.36), surpassing analyst expectations of ($0.39).
• Corporate insiders, including the CFO and CEO, significantly increased their holdings, with the CFO purchasing 20,000 shares for a total of $231,800 and the CEO acquiring 81,550 shares valued at approximately $996,541.

TD Asset Management Inc reduced its position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 60.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,248 shares of the medical equipment provider's stock after selling 28,964 shares during the period. TD Asset Management Inc's holdings in NovoCure were worth $343,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in NovoCure by 154.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,782,159 shares of the medical equipment provider's stock valued at $31,758,000 after purchasing an additional 1,080,514 shares in the last quarter. Strs Ohio acquired a new position in shares of NovoCure during the first quarter worth $759,000. Teacher Retirement System of Texas increased its holdings in shares of NovoCure by 5.3% during the first quarter. Teacher Retirement System of Texas now owns 62,375 shares of the medical equipment provider's stock worth $1,112,000 after buying an additional 3,123 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of NovoCure during the first quarter worth $1,262,000. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of NovoCure by 6.5% during the second quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the medical equipment provider's stock worth $409,000 after buying an additional 1,400 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Performance

Shares of NovoCure stock opened at $13.92 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. NovoCure Limited has a twelve month low of $10.87 and a twelve month high of $34.13. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -8.92 and a beta of 0.75. The company's fifty day moving average is $12.95 and its 200 day moving average is $15.18.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $153.87 million. During the same quarter in the previous year, the firm posted ($0.31) earnings per share. NovoCure's revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts forecast that NovoCure Limited will post -1.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wedbush reiterated a "neutral" rating and set a $18.00 price target on shares of NovoCure in a report on Tuesday, September 30th. Wells Fargo & Company reiterated an "equal weight" rating and set a $14.50 price target (down from $40.00) on shares of NovoCure in a report on Friday, July 25th. LADENBURG THALM/SH SH assumed coverage on shares of NovoCure in a report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price target for the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of NovoCure in a report on Wednesday, October 8th. Finally, Piper Sandler reiterated an "overweight" rating and set a $34.00 price target on shares of NovoCure in a report on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, NovoCure currently has a consensus rating of "Hold" and an average target price of $27.50.

Insiders Place Their Bets

In other news, CFO Christoph Brackmann purchased 20,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $11.59 per share, with a total value of $231,800.00. Following the completion of the transaction, the chief financial officer owned 141,150 shares of the company's stock, valued at $1,635,928.50. The trade was a 16.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashley Cordova purchased 81,550 shares of the business's stock in a transaction on Friday, September 5th. The shares were purchased at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the transaction, the chief executive officer directly owned 437,569 shares of the company's stock, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 5.52% of the company's stock.

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.

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