Rhumbline Advisers Buys 3,115 Shares of NovoCure Limited (NASDAQ:NVCR)

Rhumbline Advisers increased its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 2.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 145,469 shares of the medical equipment provider’s stock after purchasing an additional 3,115 shares during the period. Rhumbline Advisers owned 0.13% of NovoCure worth $4,335,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of 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 acquiring an additional 781 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of NovoCure during the third quarter valued at approximately $45,000. Versant Capital Management Inc increased its stake in shares of NovoCure by 35.8% during the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after buying an additional 880 shares during the period. Venturi Wealth Management LLC boosted its position in shares of NovoCure by 58.5% during the third 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, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of NovoCure by 21.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on NVCR. Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Piper Sandler upped their price objective on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Wedbush restated a “neutral” rating and issued a $29.00 price target on shares of NovoCure in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price objective on shares of NovoCure in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Price Performance

NASDAQ:NVCR opened at $19.07 on Friday. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -13.62 and a beta of 0.62. NovoCure Limited has a 1 year low of $11.70 and a 1 year high of $34.13. The business has a 50 day simple moving average of $25.57 and a 200-day simple moving average of $21.41. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.27). NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $161.27 million during the quarter, compared to analysts’ expectations of $161.30 million. Equities analysts forecast 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.