Teza Capital Management LLC Reduces Position in NovoCure Limited $NVCR

Key Points

• Teza Capital Management LLC significantly reduced its holdings in NovoCure Limited by 88.9%, owning 11,108 shares after selling 89,092 shares in Q1 2023.
• Several institutional investors, including Ameriprise Financial Inc. and Teacher Retirement System of Texas, have increased their stakes in NovoCure, reflecting a broader interest among hedge funds in the company.
• NovoCure reported a 5.6% year-over-year increase in revenue, with revenues of $158.80 million for the last quarter, beating consensus estimates.

Teza Capital Management LLC trimmed its position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 88.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,108 shares of the medical equipment provider's stock after selling 89,092 shares during the period. Teza Capital Management LLC's holdings in NovoCure were worth $198,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NVCR. Soleus Capital Management L.P. bought a new stake in NovoCure in the 4th quarter valued at $81,643,000. Palo Alto Investors LP increased its holdings in NovoCure by 23.1% in the 1st quarter. Palo Alto Investors LP now owns 1,002,061 shares of the medical equipment provider's stock valued at $17,857,000 after acquiring an additional 187,870 shares during the last quarter. Millennium Management LLC increased its holdings in NovoCure by 28.8% in the 4th quarter. Millennium Management LLC now owns 735,227 shares of the medical equipment provider's stock valued at $21,910,000 after acquiring an additional 164,416 shares during the last quarter. Nuveen LLC bought a new stake in NovoCure in the 1st quarter valued at $12,363,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in NovoCure by 22.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 534,749 shares of the medical equipment provider's stock valued at $9,529,000 after acquiring an additional 96,977 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Insider Transactions at NovoCure

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

NovoCure Price Performance

Shares of NovoCure stock traded up $0.08 during trading hours on Monday, reaching $12.23. The company's stock had a trading volume of 264,810 shares, compared to its average volume of 1,223,045. The firm has a 50 day moving average price of $13.20 and a 200-day moving average price of $16.22. NovoCure Limited has a one year low of $10.87 and a one year 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 stock has a market cap of $1.37 billion, a P/E ratio of -7.84 and a beta of 0.58.

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. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The firm had revenue of $158.80 million for the quarter, compared to the consensus estimate of $153.87 million. During the same period in the previous year, the firm posted ($0.31) EPS. The business's quarterly revenue was up 5.6% on a year-over-year basis. On average, analysts predict that NovoCure Limited will post -1.3 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on NVCR. Piper Sandler reiterated an "overweight" rating and issued a $34.00 price target on shares of NovoCure in a report on Friday, June 27th. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a report on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price target on the stock. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $14.50 price target (down from $40.00) on shares of NovoCure in a report 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 company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.