The Manufacturers Life Insurance Company Buys 14,255 Shares of NovoCure Limited (NASDAQ:NVCR)

The Manufacturers Life Insurance Company increased its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 202,027 shares of the medical equipment provider’s stock after purchasing an additional 14,255 shares during the quarter. The Manufacturers Life Insurance Company owned 0.19% of NovoCure worth $3,158,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new position in NovoCure during the second quarter worth $28,000. Signaturefd LLC boosted its stake 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 worth $28,000 after purchasing an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in NovoCure in the 2nd quarter worth about $34,000. Fifth Third Bancorp bought a new stake in NovoCure in the second quarter worth about $43,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of NovoCure during the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Trading Up 5.1 %

NVCR opened at $27.96 on Friday. NovoCure Limited has a 52 week low of $11.66 and a 52 week high of $32.60. The company has a market capitalization of $3.03 billion, a P/E ratio of -19.97 and a beta of 0.75. The stock’s fifty day moving average is $17.93 and its two-hundred day moving average is $18.64. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. NovoCure’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.46) earnings per share. Analysts forecast that NovoCure Limited will post -1.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. HC Wainwright reiterated a “buy” rating and set a $38.00 target price (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Finally, Wedbush reissued a “neutral” rating and set a $29.00 target price (up from $24.00) on shares of NovoCure in a research note on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.33.

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.