TD Asset Management Inc Sells 204,942 Shares of NovoCure Limited (NASDAQ:NVCR)

Key Points

• TD Asset Management Inc has significantly reduced its stake in NovoCure Limited by 81%, selling 204,942 shares, leaving them with only 48,212 shares valued at approximately $859,000.
• NovoCure recently posted a quarterly revenue of $158.80 million, exceeding analyst estimates, and reported earnings of ($0.36) per share, slightly better than analysts' expectations of ($0.39).
• The stock is currently experiencing a price increase, up 3.9% and is rated as a "Hold" by analysts with an average price target of $28.79.

TD Asset Management Inc decreased its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 81.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 48,212 shares of the medical equipment provider's stock after selling 204,942 shares during the period. TD Asset Management Inc's holdings in NovoCure were worth $859,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. GeoWealth Management LLC bought a new stake in NovoCure in the 4th quarter valued at approximately $27,000. GF Fund Management CO. LTD. bought a new stake in NovoCure in the 4th quarter valued at approximately $68,000. Mackenzie Financial Corp bought a new stake in NovoCure in the 4th quarter valued at approximately $203,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in NovoCure by 264.6% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,901 shares of the medical equipment provider's stock valued at $206,000 after acquiring an additional 5,008 shares in the last quarter. Finally, Polymer Capital Management US LLC bought a new stake in NovoCure in the 4th quarter valued at approximately $208,000. Institutional investors own 84.61% of the company's stock.

NovoCure Stock Up 3.9%

NVCR stock opened at $11.76 on Tuesday. 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 firm has a market capitalization of $1.31 billion, a PE ratio of -7.54 and a beta of 0.61. NovoCure Limited has a 1-year low of $10.91 and a 1-year high of $34.13. The business's 50 day simple moving average is $16.48 and its 200 day simple moving average is $18.55.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.03. The business had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%. The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.31) EPS. As a group, research analysts anticipate that NovoCure Limited will post -1.3 EPS for the current year.

Insider Buying and Selling at NovoCure

In other news, CFO Christoph Brackmann acquired 20,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were purchased 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 in the company, valued at $1,635,928.50. This represents a 16.51% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. LADENBURG THALM/SH SH assumed coverage on NovoCure in a research report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price target on the stock. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $14.50 price target (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Piper Sandler reaffirmed an "overweight" rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. JPMorgan Chase & Co. lowered their price target on NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, Wedbush lowered their price target on NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.79.

NovoCure 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.

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