Insider Buying: NovoCure (NASDAQ:NVCR) CEO Purchases 81,550 Shares of Stock

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 purchased 81,550 shares of the firm's stock in a transaction on Friday, September 5th. The stock was bought at an average price of $12.22 per share, for a total transaction of $996,541.00. Following the acquisition, the chief executive officer owned 437,569 shares in the company, valued at $5,347,093.18. The trade was a 22.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

NovoCure Trading Down 4.6%

Shares of NVCR traded down $0.58 during mid-day trading on Friday, reaching $12.15. The company had a trading volume of 774,416 shares, compared to its average volume of 1,272,082. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -7.79 and a beta of 0.58. The firm has a fifty day simple moving average of $13.20 and a 200-day simple moving average of $16.28. NovoCure Limited has a fifty-two week low of $10.87 and a fifty-two week high of $34.13. 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) earnings per share for the quarter, beating analysts' consensus estimates of ($0.39) by $0.03. The company had revenue of $158.80 million for the quarter, compared to analyst estimates of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. NovoCure's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.31) EPS. On average, sell-side analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC increased its stake in NovoCure by 236.0% during the 2nd quarter. Squarepoint Ops LLC now owns 110,604 shares of the medical equipment provider's stock worth $1,969,000 after buying an additional 77,685 shares during the period. Headlands Technologies LLC purchased a new stake in NovoCure during the 2nd quarter worth $88,000. Tower Research Capital LLC TRC increased its stake in NovoCure by 542.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,821 shares of the medical equipment provider's stock worth $264,000 after buying an additional 12,515 shares during the period. Corient Private Wealth LLC increased its stake in NovoCure by 55.2% during the 2nd quarter. Corient Private Wealth LLC now owns 18,536 shares of the medical equipment provider's stock worth $330,000 after buying an additional 6,592 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new stake in NovoCure during the 2nd quarter worth $129,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

NVCR has been the topic of a number of research analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $34.00 price target on shares of NovoCure in a report on Friday, June 27th. Wells Fargo & Company restated an "equal weight" rating and set a $14.50 target price (down previously from $40.00) on shares of NovoCure in a report on Friday, July 25th. Finally, LADENBURG THALM/SH SH began coverage on shares of NovoCure in a report on Tuesday, July 8th. They set 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 assigned a Hold rating to the stock. According to MarketBeat, NovoCure presently has a consensus rating of "Moderate Buy" and an average price target of $28.79.

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.