Engineers Gate Manager LP Takes $1.89 Million Position in Novocure Ltd (NVCR)
Engineers Gate Manager LP acquired a new stake in Novocure Ltd (NASDAQ:NVCR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 60,220 shares of the medical equipment provider’s stock, valued at approximately $1,885,000. Engineers Gate Manager LP owned about 0.06% of Novocure at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada lifted its stake in Novocure by 6.5% in the first quarter. Royal Bank of Canada now owns 115,102 shares of the medical equipment provider’s stock valued at $2,509,000 after buying an additional 7,067 shares during the last quarter. California Public Employees Retirement System purchased a new stake in shares of Novocure during the first quarter worth approximately $1,877,000. Geode Capital Management LLC raised its stake in shares of Novocure by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 176,000 shares of the medical equipment provider’s stock worth $3,555,000 after purchasing an additional 3,823 shares during the last quarter. Hodges Capital Management Inc. raised its stake in shares of Novocure by 4.4% during the first quarter. Hodges Capital Management Inc. now owns 285,500 shares of the medical equipment provider’s stock worth $6,224,000 after purchasing an additional 12,000 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Novocure by 51.9% during the first quarter. Wells Fargo & Company MN now owns 100,057 shares of the medical equipment provider’s stock worth $2,181,000 after purchasing an additional 34,208 shares during the last quarter. Institutional investors own 47.60% of the company’s stock.
Several research firms have recently commented on NVCR. Mizuho restated a “buy” rating and set a $32.00 price target on shares of Novocure in a research note on Wednesday, June 13th. ValuEngine upgraded Novocure from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. BidaskClub cut Novocure from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Evercore ISI began coverage on Novocure in a research note on Monday, July 16th. They set an “outperform” rating and a $46.00 price target for the company. Finally, Deutsche Bank cut Novocure from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $34.67.
Novocure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 26th. The medical equipment provider reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.01). Novocure had a negative return on equity of 52.34% and a negative net margin of 26.99%. The company had revenue of $61.50 million for the quarter, compared to analysts’ expectations of $59.53 million. The business’s revenue was up 60.2% compared to the same quarter last year. sell-side analysts anticipate that Novocure Ltd will post -0.69 EPS for the current fiscal year.
In other Novocure news, insider Eilon D. Kirson sold 346,161 shares of the stock in a transaction on Monday, June 4th. The stock was sold at an average price of $28.90, for a total value of $10,004,052.90. Following the completion of the transaction, the insider now owns 258,363 shares in the company, valued at $7,466,690.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gabriel Leung sold 80,000 shares of the stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $28.83, for a total value of $2,306,400.00. The disclosure for this sale can be found here. Insiders sold 967,704 shares of company stock valued at $29,056,331 in the last quarter. 15.30% of the stock is currently owned by company insiders.
Novocure 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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