Seven Eight Capital LP Acquires New Position in NovoCure Limited (NASDAQ:NVCR)

Seven Eight Capital LP bought a new position in shares of NovoCure Limited (NASDAQ:NVCR) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 61,909 shares of the medical equipment provider’s stock, valued at approximately $1,061,000. Seven Eight Capital LP owned about 0.06% of NovoCure as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of NovoCure by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock valued at $145,703,000 after purchasing an additional 122,105 shares during the period. Franklin Resources Inc. purchased a new stake in NovoCure in the 4th quarter valued at about $811,000. SG Americas Securities LLC increased its stake in shares of NovoCure by 57.3% during the 1st quarter. SG Americas Securities LLC now owns 359,518 shares of the medical equipment provider’s stock valued at $5,619,000 after acquiring an additional 130,927 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of NovoCure during the 4th quarter worth about $195,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after acquiring an additional 125,715 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Down 2.2 %

Shares of NASDAQ NVCR opened at $17.45 on Friday. The stock has a fifty day moving average price of $18.62 and a 200 day moving average price of $17.59. The company has a market cap of $1.88 billion, a P/E ratio of -9.64 and a beta of 0.71. NovoCure Limited has a 12-month low of $10.87 and a 12-month high of $24.74. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.09. The business had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company’s revenue was up 19.3% on a year-over-year basis. During the same period last year, the business posted ($0.54) EPS. Research analysts anticipate that NovoCure Limited will post -1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on NVCR. Evercore ISI upped their price target on shares of NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 2nd. Wedbush reiterated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Wells Fargo & Company lowered their price target on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Finally, HC Wainwright lifted their price objective on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.50.

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.