Hartline Investment Corp decreased its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 325,806 shares of the medical equipment provider’s stock after selling 9,385 shares during the period. NovoCure comprises approximately 6.6% of Hartline Investment Corp’s holdings, making the stock its 2nd largest position. Hartline Investment Corp owned about 0.32% of NovoCure worth $43,065,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of NVCR. Kestra Advisory Services LLC grew its position in shares of NovoCure by 8,360.0% during the 4th quarter. Kestra Advisory Services LLC now owns 2,961 shares of the medical equipment provider’s stock valued at $516,000 after acquiring an additional 2,926 shares during the period. New York State Teachers Retirement System bought a new stake in shares of NovoCure during the 4th quarter valued at $121,000. Strs Ohio purchased a new position in shares of NovoCure during the 4th quarter valued at $993,000. IBM Retirement Fund lifted its stake in shares of NovoCure by 14.0% during the 4th quarter. IBM Retirement Fund now owns 3,680 shares of the medical equipment provider’s stock valued at $637,000 after buying an additional 451 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in shares of NovoCure during the 4th quarter valued at $8,220,000. 71.78% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on NVCR. Northland Securities lifted their target price on shares of NovoCure from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, April 20th. Wells Fargo & Company lifted their target price on shares of NovoCure from $135.00 to $215.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 13th. Wedbush restated an “underperform” rating and set a $154.00 target price (down previously from $159.00) on shares of NovoCure in a research note on Tuesday, April 20th. Zacks Investment Research cut shares of NovoCure from a “hold” rating to a “sell” rating in a research note on Wednesday, May 12th. Finally, Truist Securities boosted their price target on shares of NovoCure from $132.00 to $142.00 and gave the stock a “hold” rating in a research note on Monday, April 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. NovoCure presently has a consensus rating of “Hold” and an average target price of $195.71.
In related news, insider Ely Benaim sold 1,833 shares of the company’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $189.65, for a total transaction of $347,628.45. Following the transaction, the insider now directly owns 35,092 shares in the company, valued at approximately $6,655,197.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Asaf Danziger sold 97,973 shares of the company’s stock in a transaction dated Tuesday, April 13th. The shares were sold at an average price of $196.34, for a total transaction of $19,236,018.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,652 shares of company stock worth $42,711,132. Insiders own 5.07% of the company’s stock.
Shares of NovoCure stock traded up $3.15 during trading hours on Friday, reaching $204.50. The company’s stock had a trading volume of 14,422 shares, compared to its average volume of 675,831. The firm has a 50 day moving average price of $185.30 and a 200-day moving average price of $161.58. NovoCure Limited has a one year low of $55.40 and a one year high of $220.48. The company has a debt-to-equity ratio of 1.50, a current ratio of 9.19 and a quick ratio of 8.94. The stock has a market cap of $21.15 billion, a P/E ratio of 1,830.62 and a beta of 1.07.
NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, April 29th. The medical equipment provider reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06). NovoCure had a return on equity of 3.30% and a net margin of 2.22%. As a group, sell-side analysts forecast that NovoCure Limited will post 0.08 EPS for the current fiscal year.
About NovoCure
NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and Optune Lua, a Tumor Treating Fields delivery system for use as a monotherapy treatment for adult patients with glioblastoma.
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