Scientech Research LLC Buys Shares of 37,647 NovoCure Limited (NASDAQ:NVCR)

Scientech Research LLC purchased a new stake in NovoCure Limited (NASDAQ:NVCR) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 37,647 shares of the medical equipment provider’s stock, valued at approximately $645,000.

A number of other hedge funds have also modified their holdings of NVCR. Vanguard Group Inc. raised its holdings in NovoCure by 2.7% in 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 buying an additional 264,883 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of NovoCure by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock valued at $37,184,000 after acquiring an additional 125,715 shares during the period. Norges Bank acquired a new position in shares of NovoCure in the 4th quarter worth approximately $14,543,000. Renaissance Technologies LLC lifted its holdings in shares of NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after acquiring an additional 480,600 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after purchasing an additional 40,870 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

NovoCure Trading Down 0.3 %

NVCR opened at $15.61 on Friday. The business has a fifty day moving average price of $18.36 and a 200 day moving average price of $17.57. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. NovoCure Limited has a 12 month low of $10.87 and a 12 month high of $24.74. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -8.62 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last released 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 net margin of 30.67% and a negative return on equity of 45.68%. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. During the same period in the prior year, the firm earned ($0.54) earnings per share. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Sell-side analysts expect that NovoCure Limited will post -1.34 earnings per share for the current fiscal year.

About NovoCure

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.