NovoCure Limited (NVCR) Trading Down 5.7% After Insider Selling
NovoCure Limited (NASDAQ:NVCR) was down 5.7% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $17.15 and last traded at $17.30. Approximately 1,331,300 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 853,971 shares. The stock had previously closed at $18.35.
Specifically, COO Michael J. Ambrogi sold 1,200 shares of NovoCure Limited stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $22.00, for a total transaction of $26,400.00. Following the completion of the transaction, the chief operating officer now directly owns 24,987 shares in the company, valued at $549,714. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Yoram Palti sold 30,000 shares of NovoCure Limited stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $18.25, for a total transaction of $547,500.00. The disclosure for this sale can be found here. Insiders sold 269,953 shares of company stock valued at $5,764,863 over the last 90 days. 16.70% of the stock is currently owned by company insiders.
NVCR has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of NovoCure Limited from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday, October 31st. Mizuho initiated coverage on shares of NovoCure Limited in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price on the stock. BidaskClub cut shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating and issued a $19.00 price target (up previously from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Finally, Wedbush reiterated an “outperform” rating and issued a $25.00 price target (down previously from $29.00) on shares of NovoCure Limited in a research note on Friday, October 27th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $21.00.
The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30.
NovoCure Limited (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. NovoCure Limited had a negative net margin of 47.45% and a negative return on equity of 57.68%. The company had revenue of $50.10 million for the quarter, compared to analyst estimates of $43.45 million. During the same quarter last year, the business earned ($0.39) earnings per share. The firm’s revenue was up 130.9% on a year-over-year basis. equities research analysts predict that NovoCure Limited will post -0.63 EPS for the current year.
Large investors have recently bought and sold shares of the company. FMR LLC raised 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 holdings in NovoCure Limited by 6,617.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,988,007 shares of the medical equipment provider’s stock worth $86,293,000 after acquiring an additional 4,913,755 shares in the last quarter. Vanguard Group Inc. grew its holdings in NovoCure Limited by 40.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,283,862 shares of the medical equipment provider’s stock worth $74,111,000 after acquiring an additional 1,235,922 shares in the last quarter. State Street Corp grew its holdings in NovoCure Limited by 17.0% during the 2nd quarter. State Street Corp now owns 1,082,589 shares of the medical equipment provider’s stock worth $18,728,000 after acquiring an additional 157,642 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its holdings in NovoCure Limited by 0.8% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 833,576 shares of the medical equipment provider’s stock worth $16,546,000 after acquiring an additional 6,522 shares in the last quarter. 36.21% of the stock is currently owned by hedge funds and other institutional investors.
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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