Algert Global LLC Cuts Stock Holdings in NovoCure Limited (NASDAQ:NVCR)

Algert Global LLC lowered its stake in NovoCure Limited (NASDAQ:NVCR) by 55.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,800 shares of the medical equipment provider’s stock after selling 17,203 shares during the quarter. Algert Global LLC’s holdings in NovoCure were worth $236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NVCR. Ridgewood Investments LLC purchased a new stake in NovoCure during the second quarter valued at $28,000. Signaturefd LLC raised its position in shares of NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of NovoCure in the 2nd quarter valued at about $34,000. Fifth Third Bancorp purchased a new position in NovoCure in the second quarter worth about $43,000. Finally, Nisa Investment Advisors LLC bought a new stake in NovoCure during the second quarter worth approximately $48,000. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Evercore ISI dropped their target price on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. HC Wainwright increased their target price on shares of NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Wells Fargo & Company dropped their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Finally, Wedbush reissued an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.17.

NovoCure Stock Performance

NASDAQ NVCR opened at $14.66 on Thursday. The stock has a market cap of $1.58 billion, a PE ratio of -8.20 and a beta of 0.70. NovoCure Limited has a 12 month low of $10.87 and a 12 month high of $24.74. The company’s 50-day moving average price is $17.68 and its 200-day moving average price is $17.66. 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 issued its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The business had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. During the same period in the prior year, the firm earned ($0.54) EPS. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities research analysts forecast that NovoCure Limited will post -1.34 earnings per share for the current year.

NovoCure 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.