Los Angeles Capital Management LLC Takes Position in NovoCure Limited (NASDAQ:NVCR)

Los Angeles Capital Management LLC bought a new stake in NovoCure Limited (NASDAQ:NVCR) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 15,267 shares of the medical equipment provider’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also made changes to their positions in NVCR. Nordwand Advisors LLC lifted its holdings in NovoCure by 100.0% in the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after purchasing an additional 1,514,824 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after purchasing an additional 480,600 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of NovoCure by 305.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after purchasing an additional 358,062 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of NovoCure by 309.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after purchasing an additional 309,805 shares during the period. Finally, AQR Capital Management LLC increased its position in NovoCure by 234.2% during the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after purchasing an additional 302,351 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NVCR shares. Evercore ISI lowered their price target on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Wedbush restated an “outperform” rating and issued a $24.00 price target on shares of NovoCure in a research note on Thursday, July 25th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of NovoCure in a research note on Thursday, October 31st. Finally, Wells Fargo & Company dropped their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.17.

NovoCure Stock Performance

Shares of NVCR opened at $15.73 on Tuesday. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -11.33 and a beta of 0.71. The firm has a fifty day moving average of $16.56 and a 200-day moving average of $18.31. NovoCure Limited has a 1 year low of $11.29 and a 1 year high of $24.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. During the same period last year, the firm earned ($0.46) EPS. The firm’s revenue was up 21.8% compared to the same quarter last year. As a group, equities analysts anticipate that NovoCure Limited will post -1.31 earnings per share for the current year.

About NovoCure

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.