First Republic Investment Management Inc. bought a new position in Novocure Ltd (NASDAQ:NVCR) during the first quarter, HoldingsChannel.com reports. The firm bought 16,800 shares of the medical equipment provider’s stock, valued at approximately $809,000.
Several other institutional investors and hedge funds have also recently modified their holdings of NVCR. Bank of New York Mellon Corp lifted its position in shares of Novocure by 5.8% in the third quarter. Bank of New York Mellon Corp now owns 387,258 shares of the medical equipment provider’s stock worth $20,292,000 after purchasing an additional 21,335 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Novocure during the third quarter worth $1,323,000. Vanguard Group Inc. raised its position in Novocure by 9.6% during the third quarter. Vanguard Group Inc. now owns 5,424,908 shares of the medical equipment provider’s stock worth $284,265,000 after acquiring an additional 476,635 shares in the last quarter. Federated Investors Inc. PA raised its position in Novocure by 48.2% during the third quarter. Federated Investors Inc. PA now owns 179,437 shares of the medical equipment provider’s stock worth $9,402,000 after acquiring an additional 58,319 shares in the last quarter. Finally, Legal & General Group Plc raised its position in Novocure by 1.1% during the third quarter. Legal & General Group Plc now owns 28,027 shares of the medical equipment provider’s stock worth $1,469,000 after acquiring an additional 301 shares in the last quarter. Institutional investors own 63.84% of the company’s stock.
Several analysts have issued reports on the stock. BidaskClub lowered shares of Novocure from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Zacks Investment Research downgraded shares of Novocure from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. Mizuho reiterated a “buy” rating and issued a $63.00 price objective on shares of Novocure in a report on Thursday, March 7th. Finally, ValuEngine downgraded shares of Novocure from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Novocure currently has an average rating of “Hold” and a consensus target price of $49.75.
Novocure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.13) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.13). Novocure had a negative net margin of 20.42% and a negative return on equity of 47.23%. The business had revenue of $73.31 million for the quarter, compared to the consensus estimate of $72.85 million. During the same period in the prior year, the company posted ($0.23) earnings per share. Novocure’s revenue was up 40.6% compared to the same quarter last year. On average, analysts predict that Novocure Ltd will post -0.17 EPS for the current year.
In related news, CEO Asaf Danziger sold 903 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $54.40, for a total transaction of $49,123.20. Following the completion of the sale, the chief executive officer now owns 233,757 shares of the company’s stock, valued at $12,716,380.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 90,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $53.94, for a total transaction of $4,854,600.00. Following the completion of the transaction, the chief financial officer now directly owns 85,030 shares of the company’s stock, valued at approximately $4,586,518.20. The disclosure for this sale can be found here. Insiders have sold 318,778 shares of company stock valued at $16,084,435 in the last ninety days. 5.60% of the stock is currently owned by company insiders.
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Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.
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