NovoCure (NASDAQ:NVCR) Trading 9.3% Higher on Insider Buying Activity

Key Points

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NovoCure Limited (NASDAQ:NVCR - Get Free Report)'s share price traded up 9.3% during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $12.20 and last traded at $11.99. 1,228,605 shares changed hands during trading, an increase of 8% from the average session volume of 1,142,532 shares. The stock had previously closed at $10.97.

Specifically, CFO Christoph Brackmann bought 20,000 shares of NovoCure stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $11.59 per share, with a total value of $231,800.00. Following the purchase, the chief financial officer owned 141,150 shares in the company, valued at $1,635,928.50. This represents a 16.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wedbush cut their price target on NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Piper Sandler restated an "overweight" rating and set a $34.00 price objective on shares of NovoCure in a report on Friday, June 27th. Wall Street Zen downgraded NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. JPMorgan Chase & Co. dropped their price objective on NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, LADENBURG THALM/SH SH began coverage on shares of NovoCure in a research report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $28.79.

NovoCure Stock Up 11.2%

The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -7.77 and a beta of 0.72. The firm's 50 day simple moving average is $16.89 and its 200 day simple moving average is $18.96.

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 analysts' consensus estimates of ($0.39) by $0.03. The firm had revenue of $158.80 million during the quarter, compared to analysts' expectations of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.31) earnings per share. Sell-side analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NVCR. Soleus Capital Management L.P. bought a new position in NovoCure in the 4th quarter worth $81,643,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of NovoCure by 154.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,782,159 shares of the medical equipment provider's stock valued at $31,758,000 after buying an additional 1,080,514 shares during the period. Capital International Investors grew its position in NovoCure by 12.0% during the fourth quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock worth $264,442,000 after buying an additional 951,141 shares in the last quarter. Nuveen LLC acquired a new stake in NovoCure during the first quarter worth about $12,363,000. Finally, Granite Investment Partners LLC acquired a new stake in NovoCure during the fourth quarter worth about $20,464,000. Institutional investors own 84.61% 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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