State Street Corp Purchases 157,642 Shares of NovoCure Limited (NVCR)
State Street Corp boosted its position in NovoCure Limited (NASDAQ:NVCR) by 17.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,082,589 shares of the medical equipment provider’s stock after buying an additional 157,642 shares during the quarter. State Street Corp owned approximately 1.22% of NovoCure Limited worth $18,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in NVCR. Goldman Sachs Group Inc. increased its position in NovoCure Limited by 6,617.7% in 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 buying an additional 4,913,755 shares during the last quarter. FMR LLC increased its position in NovoCure Limited by 50.4% in the second quarter. FMR LLC now owns 6,888,120 shares of the medical equipment provider’s stock worth $119,165,000 after buying an additional 2,309,559 shares during the last quarter. Vanguard Group Inc. increased its position in NovoCure Limited by 40.5% in the second quarter. Vanguard Group Inc. now owns 4,283,862 shares of the medical equipment provider’s stock worth $74,111,000 after buying an additional 1,235,922 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in NovoCure Limited in the second quarter worth $14,308,000. Finally, C WorldWide Group Holding A S purchased a new stake in NovoCure Limited in the second quarter worth $4,733,000. 36.21% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on NVCR. Zacks Investment Research downgraded NovoCure Limited from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Mizuho began coverage on NovoCure Limited in a research report on Wednesday, September 6th. They issued a “buy” rating and a $25.00 target price for the company. BidaskClub raised NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Finally, Wedbush reissued an “outperform” rating and issued a $25.00 target price (down from $29.00) on shares of NovoCure Limited in a research report on Friday, October 27th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. NovoCure Limited presently has an average rating of “Buy” and an average price target of $21.00.
In other news, COO Michael J. Ambrogi sold 1,200 shares of NovoCure Limited stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $22.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Asaf Danziger sold 35,500 shares of NovoCure Limited stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $22.01, for a total value of $781,355.00. Following the completion of the transaction, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 299,953 shares of company stock valued at $6,278,763. 16.70% of the stock is owned by company insiders.
NovoCure Limited (NASDAQ:NVCR) opened at $18.90 on Friday. NovoCure Limited has a 52-week low of $6.00 and a 52-week high of $22.30. The company has a current ratio of 5.90, a quick ratio of 5.30 and a debt-to-equity ratio of 0.83.
NovoCure Limited (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. The company had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The firm’s quarterly revenue was up 130.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.39) earnings per share. equities research analysts predict that NovoCure Limited will post -0.65 EPS for the current fiscal year.
About NovoCure Limited
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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