Geode Capital Management LLC Acquires 29,871 Shares of NovoCure Limited (NASDAQ:NVCR)

Geode Capital Management LLC boosted its holdings in NovoCure Limited (NASDAQ:NVCR) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,405,257 shares of the medical equipment provider’s stock after buying an additional 29,871 shares during the period. Geode Capital Management LLC owned approximately 2.22% of NovoCure worth $37,601,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new position in shares of NovoCure in the 2nd quarter valued at $28,000. Signaturefd LLC lifted its stake in NovoCure by 61.7% in the second 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 during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure during the second quarter worth about $34,000. Fifth Third Bancorp acquired a new position in shares of NovoCure during the 2nd quarter worth about $43,000. Finally, Brooklyn Investment Group bought a new stake in shares of NovoCure in the 3rd quarter valued at about $45,000. 84.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NVCR has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Wedbush reissued a “neutral” rating and set a $29.00 price target (up from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Piper Sandler raised their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, NovoCure currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Stock Up 1.6 %

Shares of NVCR stock opened at $30.97 on Wednesday. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -22.12 and a beta of 0.75. NovoCure Limited has a 12-month low of $11.70 and a 12-month high of $34.13. The firm has a fifty day moving average of $21.41 and a 200-day moving average of $19.24. 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 released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company’s revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.46) EPS. As a group, equities research analysts predict that NovoCure Limited will post -1.32 earnings per share for the current fiscal year.

About NovoCure

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.