NovoCure Limited $NVCR Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its holdings in NovoCure Limited (NASDAQ:NVCR) by 11.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,551,554 shares of the medical equipment provider’s stock after purchasing an additional 163,800 shares during the quarter. Renaissance Technologies LLC owned 1.34% of NovoCure worth $16,912,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of NVCR. Arrowstreet Capital Limited Partnership acquired a new stake in NovoCure in the first quarter worth about $307,000. Sei Investments Co. increased its stake in NovoCure by 367.6% during the 1st quarter. Sei Investments Co. now owns 114,281 shares of the medical equipment provider’s stock valued at $1,246,000 after buying an additional 89,839 shares during the period. First Trust Advisors LP acquired a new position in NovoCure during the 1st quarter valued at about $1,028,000. Dimensional Fund Advisors LP raised its position in shares of NovoCure by 27.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock worth $10,462,000 after buying an additional 207,913 shares in the last quarter. Finally, Kera Capital Partners Inc. raised its position in shares of NovoCure by 9.0% during the 1st quarter. Kera Capital Partners Inc. now owns 21,454 shares of the medical equipment provider’s stock worth $234,000 after buying an additional 1,763 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NVCR. HC Wainwright set a $32.00 price objective on shares of NovoCure in a report on Friday, July 24th. Weiss Ratings raised NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Evercore restated an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. JPMorgan Chase & Co. assumed coverage on NovoCure in a research note on Monday, July 13th. They set a “neutral” rating and a $17.00 price target for the company. Finally, Zacks Research upgraded NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.20.

Insider Activity at NovoCure

In related news, CEO Frank X. Leonard sold 34,273 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $17.93, for a total value of $614,514.89. Following the completion of the sale, the chief executive officer owned 459,520 shares in the company, valued at approximately $8,239,193.60. This represents a 6.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director W Anthony Vernon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the transaction, the director directly owned 197,657 shares of the company’s stock, valued at $3,117,050.89. This represents a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 51,943 shares of company stock valued at $893,171. Corporate insiders own 5.52% of the company’s stock.

NovoCure Stock Performance

Shares of NASDAQ NVCR opened at $15.23 on Friday. The stock’s fifty day simple moving average is $16.51 and its 200 day simple moving average is $14.18. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -11.72 and a beta of 0.94. The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58. NovoCure Limited has a 52-week low of $9.82 and a 52-week high of $21.45.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.20. The business had revenue of $183.58 million during the quarter, compared to the consensus estimate of $172.44 million. NovoCure had a negative return on equity of 44.00% and a negative net margin of 21.25%.NovoCure’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.36) earnings per share. As a group, sell-side analysts forecast that NovoCure Limited will post -1.27 earnings per share for the current fiscal year.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.