Edgestream Partners L.P. Increases Stake in NovoCure Limited $NVCR

Edgestream Partners L.P. grew its position in NovoCure Limited (NASDAQ:NVCR) by 30.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 208,329 shares of the medical equipment provider’s stock after purchasing an additional 48,057 shares during the quarter. Edgestream Partners L.P.’s holdings in NovoCure were worth $3,708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of NovoCure by 17.1% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider’s stock valued at $77,000 after buying an additional 629 shares during the last quarter. Acadian Asset Management LLC bought a new position in NovoCure in the 1st quarter valued at approximately $87,000. Russell Investments Group Ltd. boosted its stake in NovoCure by 463.8% during the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider’s stock valued at $116,000 after purchasing an additional 5,371 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of NovoCure in the 2nd quarter worth $216,000. Finally, Inceptionr LLC purchased a new position in shares of NovoCure in the second quarter worth $222,000. Institutional investors own 84.61% of the company’s stock.

NovoCure Trading Up 8.2%

NovoCure stock opened at $11.81 on Thursday. The business has a 50-day simple moving average of $12.81 and a two-hundred day simple moving average of $14.14. The company has a market cap of $1.32 billion, a P/E ratio of -7.34 and a beta of 0.83. NovoCure Limited has a 52-week low of $10.70 and a 52-week high of $34.13. The company has a quick ratio of 1.50, a current ratio of 1.55 and a debt-to-equity ratio of 0.57.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, October 30th. The medical equipment provider reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.09. The firm had revenue of $167.20 million for the quarter, compared to analysts’ expectations of $158.81 million. NovoCure had a negative net margin of 27.66% and a negative return on equity of 50.29%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.28) EPS. Analysts predict that NovoCure Limited will post -1.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wedbush reaffirmed a “neutral” rating and set a $18.00 price target on shares of NovoCure in a report on Tuesday, September 30th. HC Wainwright upped their target price on shares of NovoCure from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of NovoCure in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of NovoCure from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.92.

Insiders Place Their Bets

In other NovoCure news, CEO Ashley Cordova purchased 81,550 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were acquired at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the transaction, the chief executive officer owned 437,569 shares of the company’s stock, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.52% of the company’s stock.

NovoCure Company 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.