GAMMA Investing LLC Acquires 2,118 Shares of NovoCure Limited (NASDAQ:NVCR)

GAMMA Investing LLC increased its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 278.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,880 shares of the medical equipment provider’s stock after acquiring an additional 2,118 shares during the quarter. GAMMA Investing LLC’s holdings in NovoCure were worth $45,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NVCR. Acadian Asset Management LLC bought a new stake in NovoCure during the third quarter worth $85,000. PNC Financial Services Group Inc. increased its position in NovoCure by 36.0% in the third quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock worth $89,000 after buying an additional 1,461 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in NovoCure by 351.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,363 shares of the medical equipment provider’s stock worth $185,000 after buying an additional 9,624 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in NovoCure in the fourth quarter worth $195,000. Finally, Corton Capital Inc. purchased a new stake in NovoCure in the third quarter worth $243,000. 84.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NVCR has been the subject of a number of recent research reports. Wells Fargo & Company decreased their target price on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. Wedbush reissued an “outperform” rating and issued a $24.00 target price (up from $21.00) on shares of NovoCure in a research report on Monday, June 3rd. Piper Sandler reiterated an “overweight” rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. HC Wainwright reiterated a “neutral” rating and issued a $22.00 price target on shares of NovoCure in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. lifted their price target on NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, March 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.25.

NovoCure Price Performance

NASDAQ:NVCR opened at $18.04 on Wednesday. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -9.97 and a beta of 0.78. NovoCure Limited has a 52-week low of $10.87 and a 52-week high of $42.69. The stock has a fifty day moving average of $18.57 and a 200 day moving average of $15.91. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.99 and a current ratio of 6.26.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. The company had revenue of $138.50 million during the quarter, compared to analyst estimates of $131.44 million. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.50) earnings per share. On average, research analysts expect that NovoCure Limited will post -1.59 EPS for the current fiscal year.

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.