Teza Capital Management LLC Has $198,000 Stock 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 reduced its stake 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 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 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its holdings in NovoCure by 77.7% during the 4th quarter. Ameriprise Financial Inc. now owns 22,883 shares of the medical equipment provider's stock worth $682,000 after buying an additional 10,007 shares during the period. Teacher Retirement System of Texas raised its holdings in NovoCure by 5.3% during the 1st 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 during the period. American Century Companies Inc. acquired a new stake in NovoCure during the 1st quarter worth approximately $1,262,000. SG Americas Securities LLC bought a new position in shares of NovoCure during the 1st quarter worth approximately $527,000. Finally, Mackenzie Financial Corp bought a new position in shares of NovoCure during the 4th quarter worth approximately $203,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Down 4.6%

Shares of NASDAQ:NVCR traded down $0.58 during midday trading on Friday, hitting $12.15. The stock had a trading volume of 774,416 shares, compared to its average volume of 1,272,082. NovoCure Limited has a 12 month low of $10.87 and a 12 month high of $34.13. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. The business's 50-day simple moving average is $13.20 and its 200-day simple moving average is $16.28. The company has a market cap of $1.36 billion, a P/E ratio of -7.79 and a beta of 0.58.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, beating 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 business had revenue of $158.80 million during the quarter, compared to analysts' expectations of $153.87 million. During the same period last year, the business earned ($0.31) earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Insider Buying and Selling at NovoCure

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

Analysts Set New Price Targets

Several equities analysts have 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 set a "buy" rating and a $30.00 price target for the company. Piper Sandler reaffirmed an "overweight" rating and set a $34.00 price target on shares of NovoCure in a research note on Friday, June 27th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $14.50 price target (down 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $28.79.

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.