Hsbc Holdings PLC Sells 75,530 Shares of NovoCure Limited (NASDAQ:NVCR)

Hsbc Holdings PLC decreased its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 50.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,818 shares of the medical equipment provider’s stock after selling 75,530 shares during the quarter. Hsbc Holdings PLC owned approximately 0.07% of NovoCure worth $1,262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its holdings in NovoCure by 171.9% during the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after buying an additional 480,600 shares in the last quarter. Federated Hermes Inc. lifted its holdings in NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after buying an additional 40,870 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in NovoCure during the 2nd quarter valued at about $81,000. State of New Jersey Common Pension Fund D bought a new stake in NovoCure during the 2nd quarter valued at about $1,447,000. Finally, Choreo LLC bought a new stake in NovoCure during the 2nd quarter valued at about $192,000. Institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Evercore ISI raised their target price on shares of NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research report on Tuesday, July 2nd. Wedbush reissued an “outperform” rating and set a $24.00 target price on shares of NovoCure in a research report on Thursday, July 25th. Wells Fargo & Company cut their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Finally, HC Wainwright raised their target price on shares of NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, NovoCure has an average rating of “Hold” and an average price target of $25.50.

NovoCure Stock Down 0.3 %

Shares of NovoCure stock opened at $15.61 on Friday. The firm’s 50 day moving average price is $18.41 and its 200-day moving average price is $17.58. 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 Limited has a 52-week low of $10.87 and a 52-week high of $24.74. The company has a market cap of $1.68 billion, a P/E ratio of -8.62 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) 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 the consensus estimate of $135.83 million. During the same quarter in the previous year, the firm earned ($0.54) EPS. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts predict that NovoCure Limited will post -1.34 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.