Vanguard Group Inc. Sells 544,612 Shares of NovoCure Limited $NVCR

Key Points

• Vanguard Group Inc. reduced its stake in NovoCure Limited by 4.6%, now owning 11,251,497 shares worth approximately $200.5 million.
• In the latest quarter, NovoCure reported a loss of $0.36 EPS, which was better than the expected loss of $0.39, alongside a revenue increase of 5.6% to $158.8 million.
• Analysts have varied opinions on NovoCure's stock, with four rated as a "Buy" and a consensus target price of $28.79.

Vanguard Group Inc. trimmed its stake in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,251,497 shares of the medical equipment provider's stock after selling 544,612 shares during the period. Vanguard Group Inc. owned about 10.09% of NovoCure worth $200,502,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GeoWealth Management LLC purchased a new stake in shares of NovoCure during the fourth quarter valued at $27,000. GF Fund Management CO. LTD. purchased a new stake in shares of NovoCure during the fourth quarter valued at $68,000. Wealthquest Corp purchased a new stake in shares of NovoCure during the first quarter valued at $129,000. AdvisorNet Financial Inc lifted its holdings in shares of NovoCure by 16.7% during the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock valued at $187,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Kera Capital Partners Inc. purchased a new stake in shares of NovoCure during the first quarter valued at $194,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Stock Up 4.4%

NVCR stock traded up $0.52 during mid-day trading on Friday, hitting $12.43. The stock had a trading volume of 1,439,076 shares, compared to its average volume of 2,073,122. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. NovoCure Limited has a 1-year low of $10.87 and a 1-year high of $34.13. The company has a fifty day moving average of $14.75 and a 200 day moving average of $17.30. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -7.97 and a beta of 0.61.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its earnings results 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 return on equity of 47.74% and a negative net margin of 27.13%.The company had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. During the same period in the prior year, the firm posted ($0.31) EPS. The business's revenue was up 5.6% compared to the same quarter last year. On average, equities analysts expect that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christoph Brackmann bought 20,000 shares of the company's 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 transaction, the chief financial officer directly owned 141,150 shares in the company, valued at approximately $1,635,928.50. This trade represents a 16.51% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVCR. 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 reissued an "equal weight" rating and issued a $14.50 price objective (down from $40.00) on shares of NovoCure in a research note on Friday, July 25th. Piper Sandler reissued an "overweight" rating and issued a $34.00 price objective on shares of NovoCure in a research note on Friday, June 27th. Finally, Wall Street Zen downgraded NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.