Ridgewood Investments LLC Buys Shares of 1,637 NovoCure Limited (NASDAQ:NVCR)

Ridgewood Investments LLC purchased a new stake in shares of NovoCure Limited (NASDAQ:NVCR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,637 shares of the medical equipment provider’s stock, valued at approximately $28,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NVCR. Legato Capital Management LLC acquired a new position in NovoCure in the second quarter valued at approximately $952,000. Bank of New York Mellon Corp grew its holdings in shares of NovoCure by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after purchasing an additional 152,185 shares during the period. Fifth Third Bancorp purchased a new position in shares of NovoCure during the 2nd quarter worth $43,000. Nisa Investment Advisors LLC acquired a new stake in shares of NovoCure during the 2nd quarter worth about $48,000. Finally, AdvisorNet Financial Inc raised its holdings in NovoCure by 45.5% in the 2nd quarter. AdvisorNet Financial Inc now owns 8,000 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Price Performance

NovoCure stock traded up $0.12 during midday trading on Friday, reaching $19.87. 151,708 shares of the company were exchanged, compared to its average volume of 1,354,821. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $24.74. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -10.91 and a beta of 0.70. The firm’s 50-day simple moving average is $18.53 and its 200-day simple moving average is $17.36. The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The business had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. On average, analysts anticipate that NovoCure Limited will post -1.34 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $24.00 target price on shares of NovoCure in a research note on Thursday, July 25th. Wells Fargo & Company cut their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. HC Wainwright upped their target price on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Evercore ISI boosted their price objective on shares of NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.50.

NovoCure Company 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.