Principal Financial Group Inc. Invests $272,000 in NovoCure Limited (NASDAQ:NVCR)

Principal Financial Group Inc. purchased a new position in NovoCure Limited (NASDAQ:NVCR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,134 shares of the medical equipment provider’s stock, valued at approximately $272,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in shares of NovoCure in the third quarter worth $45,000. Blue Trust Inc. raised its position in shares of NovoCure by 70.7% in the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 781 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of NovoCure by 58.5% in the third quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after buying an additional 1,354 shares in the last quarter. Versant Capital Management Inc raised its position in shares of NovoCure by 35.8% in the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after buying an additional 880 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of NovoCure by 57.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,321 shares of the medical equipment provider’s stock worth $129,000 after buying an additional 1,575 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on NVCR. HC Wainwright reiterated a “buy” rating and issued a $38.00 price objective on shares of NovoCure in a research report on Tuesday, January 14th. Piper Sandler increased their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. StockNews.com downgraded NovoCure from a “hold” rating to a “sell” rating in a research report on Monday, March 3rd. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and raised their price target for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Wedbush restated a “neutral” rating and set a $29.00 price target 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 assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $32.67.

NovoCure Trading Up 4.8 %

NASDAQ NVCR opened at $20.18 on Friday. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -14.41 and a beta of 0.63. The stock’s 50-day simple moving average is $24.37 and its two-hundred day simple moving average is $21.45. 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 Limited has a twelve month low of $11.70 and a twelve month high of $34.13.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data 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). The company had revenue of $161.27 million during the quarter, compared to analysts’ expectations of $161.30 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. Research analysts forecast that NovoCure Limited will post -1.3 EPS 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.