Choreo LLC Takes Position in NovoCure Limited (NASDAQ:NVCR)

Choreo LLC acquired a new position in NovoCure Limited (NASDAQ:NVCR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 11,131 shares of the medical equipment provider’s stock, valued at approximately $192,000.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of NovoCure during the 4th quarter valued at $14,543,000. Invenomic Capital Management LP purchased a new stake in NovoCure during the fourth quarter valued at $6,479,000. Jacobs Levy Equity Management Inc. lifted its holdings in NovoCure by 305.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after acquiring an additional 358,062 shares during the period. Panagora Asset Management Inc. boosted its position in NovoCure by 309.8% in the second quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after purchasing an additional 309,805 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of NovoCure by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after purchasing an additional 264,883 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

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

NovoCure Stock Performance

Shares of NASDAQ NVCR opened at $17.45 on Friday. The stock has a market cap of $1.88 billion, a PE ratio of -9.64 and a beta of 0.71. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $24.74. The firm has a fifty day moving average price of $18.62 and a 200-day moving average price of $17.59. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The business had revenue of $150.40 million during the quarter, compared to analyst estimates of $135.83 million. During the same quarter in the prior year, the business posted ($0.54) EPS. NovoCure’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities analysts anticipate that NovoCure Limited will post -1.34 earnings per share for the current fiscal year.

NovoCure Company 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.