Teza Capital Management LLC Cuts Holdings in NovoCure Limited $NVCR

Teza Capital Management LLC decreased its position in NovoCure Limited (NASDAQ:NVCR) by 88.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,108 shares of the medical equipment provider’s stock after selling 89,092 shares during the period. Teza Capital Management LLC’s holdings in NovoCure were worth $198,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. increased its stake in shares of NovoCure by 77.7% during the fourth quarter. Ameriprise Financial Inc. now owns 22,883 shares of the medical equipment provider’s stock worth $682,000 after purchasing an additional 10,007 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in NovoCure by 5.3% in the 1st quarter. Teacher Retirement System of Texas now owns 62,375 shares of the medical equipment provider’s stock valued at $1,112,000 after purchasing an additional 3,123 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of NovoCure in the 1st quarter worth approximately $527,000. Mackenzie Financial Corp acquired a new position in shares of NovoCure in the 4th quarter worth approximately $203,000. Finally, Rhumbline Advisers lifted its holdings in shares of NovoCure by 3.8% in the 1st quarter. Rhumbline Advisers now owns 150,952 shares of the medical equipment provider’s stock worth $2,690,000 after acquiring an additional 5,483 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Stock Performance

NASDAQ:NVCR opened at $12.66 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $13.52 and a two-hundred day moving average price of $16.43. NovoCure Limited has a twelve month low of $10.87 and a twelve month high of $34.13. The company has a market capitalization of $1.42 billion, a P/E ratio of -8.12 and a beta of 0.58.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.03. The firm had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the firm posted ($0.31) EPS. As a group, research analysts expect that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Insider Transactions at NovoCure

In related news, CFO Christoph Brackmann bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $11.59 per share, with a total value of $231,800.00. Following the completion of the transaction, the chief financial officer owned 141,150 shares of the company’s stock, valued at approximately $1,635,928.50. The trade was a 16.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ashley Cordova bought 81,550 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the transaction, the chief executive officer directly owned 437,569 shares of the company’s stock, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NVCR shares. Piper Sandler reaffirmed an “overweight” rating and set a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a research report on Tuesday, July 8th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $14.50 target price (down from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.79.

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.