Bank of New York Mellon Corp Increases Stock Holdings in NovoCure Limited (NASDAQ:NVCR)

Bank of New York Mellon Corp lifted its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 322,530 shares of the medical equipment provider’s stock after buying an additional 10,071 shares during the quarter. Bank of New York Mellon Corp owned 0.30% of NovoCure worth $9,611,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of NVCR. Blue Trust Inc. grew its stake in NovoCure by 70.7% during the 4th quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 781 shares in the last quarter. Brooklyn Investment Group acquired a new stake in NovoCure during the 3rd quarter valued at approximately $45,000. Versant Capital Management Inc grew its stake in NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after purchasing an additional 880 shares in the last quarter. Venturi Wealth Management LLC grew its stake in NovoCure by 58.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock valued at $57,000 after purchasing an additional 1,354 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in NovoCure by 57.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,321 shares of the medical equipment provider’s stock valued at $129,000 after purchasing an additional 1,575 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NVCR. Piper Sandler lifted their target price on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. StockNews.com lowered NovoCure from a “hold” rating to a “sell” rating in a research report on Monday, March 3rd. HC Wainwright reiterated a “buy” rating and issued a $38.00 target price on shares of NovoCure in a research report on Tuesday, January 14th. Finally, Wedbush restated a “neutral” rating and set a $29.00 price objective on shares of NovoCure in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.67.

NovoCure Price Performance

NASDAQ NVCR opened at $19.49 on Friday. NovoCure Limited has a twelve month low of $11.70 and a twelve month high of $34.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The stock has a market capitalization of $2.14 billion, a PE ratio of -13.92 and a beta of 0.63. The stock has a 50-day simple moving average of $23.41 and a 200 day simple moving average of $21.54.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.27). NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm had revenue of $161.27 million during the quarter, compared to analyst estimates of $161.30 million. Research analysts anticipate that NovoCure Limited will post -1.3 EPS 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.