Meeder Asset Management Inc. Reduces Holdings in NovoCure Limited (NASDAQ:NVCR)

Meeder Asset Management Inc. cut its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 14.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,017 shares of the medical equipment provider’s stock after selling 704 shares during the quarter. Meeder Asset Management Inc.’s holdings in NovoCure were worth $63,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $37,184,000 after buying an additional 125,715 shares during the period. Tidal Investments LLC purchased a new stake in NovoCure in the 1st quarter worth approximately $695,000. Federated Hermes Inc. lifted its holdings in NovoCure by 5.8% in the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after buying an additional 40,870 shares during the period. Bank of New York Mellon Corp lifted its holdings in NovoCure by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after buying an additional 152,185 shares during the period. Finally, Renaissance Technologies LLC lifted its stake 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 valued at $13,022,000 after purchasing an additional 480,600 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company lowered their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of NovoCure in a research note on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Finally, Evercore ISI reduced their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.17.

NovoCure Stock Up 2.3 %

NovoCure stock opened at $16.86 on Thursday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -11.77 and a beta of 0.71. The stock has a fifty day simple moving average of $16.53 and a two-hundred day simple moving average of $18.33. NovoCure Limited has a 12 month low of $11.29 and a 12 month high of $24.74. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The business had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.46) EPS. Equities analysts predict that NovoCure Limited will post -1.31 EPS for the current fiscal year.

NovoCure 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.