Fifth Third Bancorp Purchases Shares of 2,500 NovoCure Limited (NASDAQ:NVCR)

Fifth Third Bancorp acquired a new stake in shares of NovoCure Limited (NASDAQ:NVCR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,500 shares of the medical equipment provider’s stock, valued at approximately $43,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NVCR. Vanguard Group Inc. lifted its holdings in NovoCure by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after purchasing an additional 264,883 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of NovoCure by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after buying an additional 125,715 shares in the last quarter. Norges Bank bought a new position in shares of NovoCure in the fourth quarter valued at approximately $14,543,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of NovoCure by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock worth $8,238,000 after acquiring an additional 10,510 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in NovoCure by 305.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after acquiring an additional 358,062 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Stock Performance

NVCR opened at $18.15 on Tuesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -10.03 and a beta of 0.70. The business’s 50-day moving average price is $18.55 and its two-hundred day moving average price is $17.33. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $24.74.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The firm had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same quarter in the previous year, the business posted ($0.54) EPS. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities analysts expect that NovoCure Limited will post -1.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on NVCR. HC Wainwright increased their price objective on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Wedbush reaffirmed an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a research note on Thursday, July 25th. Wells Fargo & Company decreased their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Finally, Evercore ISI lifted their target price on NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.50.

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.