Legal & General Group Plc Grows Stock Position in NovoCure Limited $NVCR

Legal & General Group Plc lifted its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 65.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 406,664 shares of the medical equipment provider’s stock after purchasing an additional 161,095 shares during the quarter. Legal & General Group Plc’s holdings in NovoCure were worth $5,258,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of NVCR. Larson Financial Group LLC raised its stake in shares of NovoCure by 662.1% during the third quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock worth $53,000 after purchasing an additional 3,562 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of NovoCure by 25.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock worth $70,000 after purchasing an additional 1,120 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of NovoCure during the first quarter worth approximately $87,000. Headlands Technologies LLC purchased a new stake in shares of NovoCure during the second quarter worth approximately $88,000. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of NovoCure during the second quarter worth approximately $129,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wells Fargo & Company upped their price target on NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Evercore reiterated an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. Wedbush reissued a “neutral” rating and issued a $18.00 target price on shares of NovoCure in a report on Thursday, April 16th. Weiss Ratings upgraded shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Finally, HC Wainwright upped their price target on shares of NovoCure from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $27.29.

Insiders Place Their Bets

In other news, Director Allyson J. Ocean sold 2,945 shares of NovoCure stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the transaction, the director owned 11,324 shares of the company’s stock, valued at $178,579.48. The trade was a 20.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy J. Scannell sold 2,945 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the sale, the director owned 14,288 shares in the company, valued at $225,321.76. This represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 51,943 shares of company stock valued at $893,171. Company insiders own 5.52% of the company’s stock.

NovoCure Price Performance

Shares of NASDAQ:NVCR opened at $17.16 on Monday. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -11.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.90 and a quick ratio of 2.70. The business’s 50 day simple moving average is $14.40 and its 200-day simple moving average is $13.23. NovoCure Limited has a 12 month low of $9.82 and a 12 month high of $19.25.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.11). The firm had revenue of $174.06 million during the quarter, compared to analysts’ expectations of $167.77 million. NovoCure had a negative net margin of 25.66% and a negative return on equity of 50.82%. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.31) earnings per share. As a group, equities analysts forecast that NovoCure Limited will post -1.55 earnings per share for the current fiscal year.

NovoCure Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.