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Traders Buy High Volume of NovoCure Put Options (NASDAQ:NVCR)

Wednesday, April 14, 2021 | MarketBeat

NovoCure Limited (NASDAQ:NVCR) was the target of unusually large options trading on Tuesday. Stock traders purchased 13,031 put options on the stock. This is an increase of approximately 7,520% compared to the typical volume of 171 put options.

Shares of NVCR traded down $7.55 during trading on Wednesday, reaching $189.78. The company's stock had a trading volume of 43,717 shares, compared to its average volume of 944,770. The company has a fifty day moving average of $138.19 and a two-hundred day moving average of $146.40. NovoCure has a twelve month low of $55.40 and a twelve month high of $218.09. The company has a market cap of $19.44 billion, a price-to-earnings ratio of 986.95 and a beta of 1.29.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, February 25th. The medical equipment provider reported $0.04 EPS for the quarter, missing the Zacks' consensus estimate of $0.13 by ($0.09). The company had revenue of $144.00 million for the quarter, compared to the consensus estimate of $143.49 million. NovoCure had a return on equity of 7.40% and a net margin of 4.26%. NovoCure's quarterly revenue was up 45.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.04 earnings per share. On average, analysts anticipate that NovoCure will post 0.23 earnings per share for the current fiscal year.

NVCR has been the subject of a number of research reports. Truist boosted their target price on NovoCure from $118.00 to $132.00 in a report on Friday, January 29th. Wells Fargo & Company boosted their target price on NovoCure from $135.00 to $215.00 and gave the stock an "equal weight" rating in a report on Tuesday. Northland Securities boosted their target price on NovoCure from $200.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday. Zacks Investment Research upgraded NovoCure from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Piper Sandler boosted their price target on NovoCure from $140.00 to $225.00 and gave the stock an "overweight" rating in a research report on Monday, January 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. NovoCure currently has an average rating of "Hold" and a consensus target price of $173.25.

In related news, General Counsel Todd Christopher Longsworth sold 63,814 shares of NovoCure stock in a transaction dated Friday, January 15th. The stock was sold at an average price of $172.48, for a total transaction of $11,006,638.72. Following the completion of the sale, the general counsel now owns 123,474 shares in the company, valued at approximately $21,296,795.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman William F. Doyle sold 7,928 shares of NovoCure stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $134.12, for a total value of $1,063,303.36. Following the sale, the chairman now owns 658,321 shares of the company's stock, valued at approximately $88,294,012.52. The disclosure for this sale can be found here. Insiders have sold a total of 75,412 shares of company stock valued at $12,334,989 in the last ninety days. Corporate insiders own 5.07% of the company's stock.

Institutional investors have recently made changes to their positions in the stock. Sterling Financial Planning Inc. purchased a new stake in NovoCure in the 4th quarter worth about $26,000. RWM Asset Management LLC purchased a new stake in NovoCure in the 4th quarter worth about $35,000. NEXT Financial Group Inc purchased a new stake in NovoCure in the 4th quarter worth about $35,000. Perigon Wealth Management LLC acquired a new position in NovoCure in the 4th quarter worth about $46,000. Finally, Regent Peak Wealth Advisors LLC acquired a new position in NovoCure in the 4th quarter worth about $58,000. 71.09% of the stock is owned by hedge funds and other institutional investors.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and Optune Lua, a Tumor Treating Fields delivery system for use as a monotherapy treatment for adult patients with glioblastoma.

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