Bridgewater Associates LP Sells 41,898 Shares of NovoCure Limited (NASDAQ:NVCR)

Bridgewater Associates LP lowered its position in NovoCure Limited (NASDAQ:NVCR) by 51.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,383 shares of the medical equipment provider’s stock after selling 41,898 shares during the quarter. Bridgewater Associates LP’s holdings in NovoCure were worth $616,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NVCR. Tidal Investments LLC bought a new position in NovoCure in the 1st quarter worth about $695,000. Federated Hermes Inc. increased its position in shares of NovoCure by 5.8% in the second 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 last quarter. Bank of New York Mellon Corp raised its stake in NovoCure by 56.8% in the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after purchasing an additional 152,185 shares in the last quarter. Renaissance Technologies LLC lifted its position in NovoCure by 171.9% during the second 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 last quarter. Finally, AQR Capital Management LLC grew its stake in NovoCure by 234.2% in the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after buying an additional 302,351 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Price Performance

Shares of NovoCure stock opened at $29.85 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. NovoCure Limited has a one year low of $11.66 and a one year high of $31.57. The business’s 50 day simple moving average is $16.91 and its two-hundred day simple moving average is $18.45. The stock has a market capitalization of $3.23 billion, a P/E ratio of -21.32 and a beta of 0.71.

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wedbush reaffirmed a “neutral” rating and set a $29.00 price objective (up from $24.00) on shares of NovoCure in a report on Monday. HC Wainwright reiterated a “buy” rating and set a $38.00 price objective (up from $30.00) on shares of NovoCure in a research report on Monday. Finally, Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $30.00 in a research report on Monday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

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.