NovoCure (NASDAQ:NVCR) CEO Ashley Cordova Purchases 81,550 Shares

Key Points

• Ashley Cordova, the CEO of NovoCure, purchased 81,550 shares of the company's stock at an average price of $12.22, totaling nearly $1 million, increasing their ownership by 22.91%.
• NovoCure's stock price rose 6.1% to $13.03, reflecting a significant trading volume of over 543,000 shares.
• In its latest earnings report, NovoCure reported a 5.6% increase in quarterly revenue year-over-year, despite a negative EPS of ($0.36), which was better than analysts' estimates.

NovoCure Limited (NASDAQ:NVCR - Get Free Report) CEO Ashley Cordova bought 81,550 shares of NovoCure stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average price of $12.22 per share, with a total value of $996,541.00. Following the completion of the transaction, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

NovoCure Trading Up 6.1%

NVCR stock traded up $0.75 during trading on Monday, hitting $13.03. 543,802 shares of the company traded hands, compared to its average volume of 1,217,177. The company has a 50-day moving average of $13.73 and a 200-day moving average of $16.52. The firm has a market capitalization of $1.46 billion, a PE ratio of -8.36 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $34.13.

NovoCure (NASDAQ:NVCR - Get Free Report) last released 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. The business had revenue of $158.80 million during the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.NovoCure's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.31) EPS. Analysts predict that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Institutional investors and hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new stake in shares of NovoCure in the fourth quarter worth about $68,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of NovoCure by 17.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider's stock worth $77,000 after purchasing an additional 629 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of NovoCure in the first quarter worth about $87,000. Headlands Technologies LLC bought a new stake in shares of NovoCure in the second quarter worth about $88,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of NovoCure by 463.8% in the first 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 during the last quarter. 84.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NVCR shares. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $14.50 price objective (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. LADENBURG THALM/SH SH started coverage on NovoCure in a research note on Tuesday, July 8th. They issued a "buy" rating and a $30.00 price target on the stock. Finally, Piper Sandler reiterated an "overweight" rating and set a $34.00 target price on shares of NovoCure in a research report on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.