Michael J. Ambrogi Sells 24,327 Shares of NovoCure Limited (NVCR) Stock
NovoCure Limited (NASDAQ:NVCR) COO Michael J. Ambrogi sold 24,327 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $22.01, for a total value of $535,437.27. Following the transaction, the chief operating officer now owns 49,514 shares of the company’s stock, valued at $1,089,803.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
NovoCure Limited (NASDAQ:NVCR) last released its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.07. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The business had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. During the same quarter last year, the firm posted ($0.39) earnings per share. The firm’s revenue was up 130.9% on a year-over-year basis.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in NovoCure Limited by 50.4% during the second quarter. FMR LLC now owns 6,888,120 shares of the medical equipment provider’s stock worth $119,165,000 after purchasing an additional 2,309,559 shares during the period. Goldman Sachs Group Inc. grew its stake in NovoCure Limited by 6,617.7% during the second quarter. Goldman Sachs Group Inc. now owns 4,988,007 shares of the medical equipment provider’s stock worth $86,293,000 after purchasing an additional 4,913,755 shares during the period. Vanguard Group Inc. grew its stake in NovoCure Limited by 40.5% during the second quarter. Vanguard Group Inc. now owns 4,283,862 shares of the medical equipment provider’s stock worth $74,111,000 after purchasing an additional 1,235,922 shares during the period. State Street Corp grew its stake in NovoCure Limited by 17.0% during the second quarter. State Street Corp now owns 1,082,589 shares of the medical equipment provider’s stock worth $18,728,000 after purchasing an additional 157,642 shares during the period. Finally, Frontier Capital Management Co. LLC grew its stake in NovoCure Limited by 0.8% during the third quarter. Frontier Capital Management Co. LLC now owns 833,576 shares of the medical equipment provider’s stock worth $16,546,000 after purchasing an additional 6,522 shares during the period. 36.20% of the stock is owned by institutional investors and hedge funds.
NVCR has been the subject of several analyst reports. Zacks Investment Research lowered NovoCure Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Wedbush restated an “outperform” rating and set a $25.00 target price (down from $29.00) on shares of NovoCure Limited in a research report on Friday, October 27th. BidaskClub upgraded NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Mizuho initiated coverage on NovoCure Limited in a research report on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price for the company. Finally, Deutsche Bank AG restated a “hold” rating and set a $19.00 target price (up from $18.00) on shares of NovoCure Limited in a research report on Monday, July 17th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. NovoCure Limited presently has an average rating of “Buy” and an average price target of $21.00.
NovoCure Limited Company Profile
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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