TD Asset Management Inc Has $859,000 Position in 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 shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 81.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (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 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Soleus Capital Management L.P. bought a new stake in shares of NovoCure in the 4th quarter worth approximately $81,643,000. Capital International Investors grew its position in NovoCure by 12.0% in the fourth quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock worth $264,442,000 after buying an additional 951,141 shares during the last quarter. Granite Investment Partners LLC bought a new position in shares of NovoCure in the fourth quarter valued at $20,464,000. Capital World Investors lifted its position in shares of NovoCure by 11.8% during the 4th quarter. Capital World Investors now owns 4,815,529 shares of the medical equipment provider's stock valued at $143,503,000 after acquiring an additional 507,311 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of NovoCure by 39.1% during the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock worth $38,274,000 after acquiring an additional 360,841 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Down 1.4%

NovoCure stock traded down $0.16 during trading hours on Friday, hitting $11.35. The company had a trading volume of 563,729 shares, compared to its average volume of 1,199,885. NovoCure Limited has a fifty-two week low of $10.91 and a fifty-two week high of $34.13. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.45 and a quick ratio of 1.39. The firm has a market capitalization of $1.27 billion, a P/E ratio of -7.29 and a beta of 0.61. The firm's fifty day moving average is $16.16 and its 200-day moving average is $18.45.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly 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 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%. NovoCure's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.31) earnings per share. On average, research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wedbush decreased their price target on NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. LADENBURG THALM/SH SH started coverage on NovoCure in a report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, Piper Sandler restated an "overweight" rating and issued a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $28.79.

Insider Buying and Selling at NovoCure

In other news, CFO Christoph Brackmann purchased 20,000 shares of NovoCure stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $11.59 per share, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.52% of the stock is owned by company insiders.

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.