Washington Capital Management Inc. Invests $374,000 in NovoCure Limited $NVCR

Key Points

• Washington Capital Management Inc. invested approximately $374,000 in NovoCure Limited by acquiring 21,000 shares during the 2nd quarter.
• NovoCure's stock is currently noted at $12.89, with a market capitalization of $1.44 billion and a 12-month high of $34.13.
• CEO Ashley Cordova recently purchased 81,550 shares at an average cost of $12.22 per share, increasing their stake in the company by 22.91%.

Washington Capital Management Inc. bought a new position in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 21,000 shares of the medical equipment provider's stock, valued at approximately $374,000.

Other large investors also recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of NovoCure during the 1st quarter worth $87,000. Russell Investments Group Ltd. grew its holdings in shares of NovoCure by 463.8% during the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider's stock worth $116,000 after purchasing an additional 5,371 shares in the last quarter. Wealthquest Corp acquired a new stake in shares of NovoCure during the 1st quarter worth $129,000. AdvisorNet Financial Inc grew its holdings in shares of NovoCure by 16.7% during the 1st quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock worth $187,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in shares of NovoCure during the 4th quarter worth $203,000. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Stock Performance

Shares of NVCR stock opened at $12.89 on Monday. The business's 50-day moving average price is $12.33 and its 200-day moving average price is $15.75. NovoCure Limited has a 12 month low of $10.87 and a 12 month high of $34.13. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -8.26 and a beta of 0.58. 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 (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. During the same period last year, the firm posted ($0.31) earnings per share. The business's revenue for the quarter was up 5.6% on a year-over-year basis. Equities research analysts forecast that NovoCure Limited will post -1.3 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on NVCR shares. Piper Sandler reiterated an "overweight" rating and issued a $34.00 target price on shares of NovoCure in a research report on Friday, June 27th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Finally, LADENBURG THALM/SH SH started coverage on NovoCure in a research report on Tuesday, July 8th. They issued a "buy" rating and a $30.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.79.

Insider Transactions at NovoCure

In other news, CEO Ashley Cordova purchased 81,550 shares of the business's stock in a transaction dated Friday, September 5th. The shares were purchased 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 trade represents a 22.91% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Christoph Brackmann purchased 20,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $11.59 per share, for a total transaction of $231,800.00. Following the completion of the purchase, the chief financial officer directly owned 141,150 shares of the company's stock, valued at approximately $1,635,928.50. This represents a 16.51% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.52% of the company's stock.

NovoCure Company 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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