The Manufacturers Life Insurance Company Purchases 37,951 Shares of NovoCure Limited (NASDAQ:NVCR)

The Manufacturers Life Insurance Company grew its position in NovoCure Limited (NASDAQ:NVCR) by 25.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 187,772 shares of the medical equipment provider’s stock after buying an additional 37,951 shares during the period. The Manufacturers Life Insurance Company owned 0.17% of NovoCure worth $3,217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NVCR. Ridgewood Investments LLC acquired a new stake in NovoCure in the second quarter worth about $28,000. Signaturefd LLC boosted its stake in shares of NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of NovoCure during the 2nd quarter worth approximately $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the second quarter worth approximately $43,000. Finally, GAMMA Investing LLC lifted its holdings in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after buying an additional 2,118 shares during the period. Institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

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

NovoCure Price Performance

NVCR stock opened at $14.66 on Wednesday. The stock has a 50-day moving average price of $17.86 and a two-hundred day moving average price of $17.65. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $24.74. The stock has a market cap of $1.58 billion, a PE ratio of -8.10 and a beta of 0.70. 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) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The business had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. NovoCure’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.54) EPS. Equities analysts forecast that NovoCure Limited will post -1.34 EPS for the current fiscal 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.