Renaissance Technologies LLC Has $16.91 Million Stock Position in NovoCure Limited $NVCR

Renaissance Technologies LLC increased its holdings in NovoCure Limited (NASDAQ:NVCR) by 11.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,551,554 shares of the medical equipment provider’s stock after acquiring an additional 163,800 shares during the period. Renaissance Technologies LLC’s holdings in NovoCure were worth $16,912,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of NVCR. Vanguard Group Inc. grew its stake in NovoCure by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 10,958,209 shares of the medical equipment provider’s stock valued at $141,690,000 after acquiring an additional 502,368 shares in the last quarter. Soleus Capital Management L.P. grew its holdings in NovoCure by 25.0% during the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock valued at $122,897,000 after purchasing an additional 1,382,888 shares during the last quarter. Morgan Stanley raised its position in shares of NovoCure by 453.4% in the fourth quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider’s stock valued at $65,554,000 after purchasing an additional 4,153,741 shares during the period. Balyasny Asset Management L.P. raised its position in shares of NovoCure by 38.8% in the second quarter. Balyasny Asset Management L.P. now owns 2,270,076 shares of the medical equipment provider’s stock valued at $40,407,000 after purchasing an additional 634,925 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of NovoCure by 38.5% in the second quarter. Quantinno Capital Management LP now owns 1,368,663 shares of the medical equipment provider’s stock worth $24,362,000 after buying an additional 380,411 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NovoCure

In other news, Director W Anthony Vernon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were 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 197,657 shares of the company’s stock, valued at approximately $3,117,050.89. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock in a transaction dated Tuesday, June 2nd. The shares were 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 of the company’s stock, valued at approximately $225,321.76. The trade was a 17.09% decrease in their position. 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 sold 51,943 shares of company stock worth $893,171. 5.52% of the stock is currently owned by insiders.

NovoCure Stock Up 0.2%

NVCR opened at $15.23 on Friday. NovoCure Limited has a 1-year low of $9.82 and a 1-year high of $21.45. The company has a current ratio of 2.89, a quick ratio of 2.70 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -11.72 and a beta of 0.94. The business has a 50 day moving average of $16.51 and a 200-day moving average of $14.18.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.20. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The business had revenue of $183.58 million for the quarter, compared to the consensus estimate of $172.44 million. During the same quarter last year, the company posted ($0.36) earnings per share. NovoCure’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts anticipate that NovoCure Limited will post -1.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NVCR. Evercore reaffirmed an “outperform” rating on shares of NovoCure in a report on Friday, May 1st. HC Wainwright set a $32.00 target price on shares of NovoCure in a research report on Friday, July 24th. Weiss Ratings upgraded shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. JPMorgan Chase & Co. initiated coverage on NovoCure in a research report on Monday, July 13th. They issued a “neutral” rating and a $17.00 price target on the stock. Finally, Wells Fargo & Company lifted their price objective on NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $21.20.

NovoCure Company 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.