Alpha DNA Investment Management LLC Invests $349,000 in NovoCure Limited (NASDAQ:NVCR)

Alpha DNA Investment Management LLC bought a new stake in NovoCure Limited (NASDAQ:NVCR) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,353 shares of the medical equipment provider’s stock, valued at approximately $349,000.

A number of other hedge funds have also added to or reduced their stakes in NVCR. Ridgewood Investments LLC bought a new position in shares of NovoCure in the 2nd quarter valued at about $28,000. Signaturefd LLC grew its stake in NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NovoCure during the 2nd quarter worth approximately $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the 2nd quarter worth approximately $43,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of NovoCure during the 2nd quarter worth approximately $48,000. Institutional investors own 84.61% of the company’s stock.

NovoCure Trading Down 2.9 %

Shares of NVCR stock opened at $15.95 on Thursday. NovoCure Limited has a 12-month low of $10.87 and a 12-month high of $24.74. The company has a market capitalization of $1.73 billion, a PE ratio of -8.81 and a beta of 0.71. The firm has a 50 day moving average price of $18.53 and a two-hundred day moving average price of $17.60. The company has a quick ratio of 6.22, a current ratio of 6.46 and a debt-to-equity ratio of 1.81.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. During the same quarter last year, the company earned ($0.54) earnings per share. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, analysts predict that NovoCure Limited will post -1.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Evercore ISI boosted their price objective on shares of NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 2nd. Wedbush reiterated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a research note on Thursday, July 25th. Finally, HC Wainwright lifted their price target on NovoCure from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.