NovoCure Limited (NASDAQ:NVCR) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC lowered its holdings in NovoCure Limited (NASDAQ:NVCR) by 24.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 121,826 shares of the medical equipment provider’s stock after selling 40,111 shares during the quarter. Essex Investment Management Co. LLC’s holdings in NovoCure were worth $3,630,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of NovoCure in the third quarter worth approximately $45,000. Lindbrook Capital LLC increased its position in shares of NovoCure by 189.2% in the fourth quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock worth $55,000 after acquiring an additional 1,213 shares in the last quarter. Blue Trust Inc. increased its position in shares of NovoCure by 70.7% in the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock worth $56,000 after acquiring an additional 781 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of NovoCure by 58.5% in the third quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after acquiring an additional 1,354 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of NovoCure in the fourth quarter worth approximately $70,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Stock Performance

Shares of NVCR opened at $20.18 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The company has a market capitalization of $2.22 billion, a PE ratio of -14.41 and a beta of 0.63. The company’s 50 day moving average price is $24.37 and its 200 day moving average price is $21.47. NovoCure Limited has a 52 week low of $11.70 and a 52 week high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). The business had revenue of $161.27 million during the quarter, compared to analyst estimates of $161.30 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. Research analysts expect that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NVCR shares. HC Wainwright reissued a “buy” rating and issued a $38.00 target price on shares of NovoCure in a research report on Tuesday, January 14th. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. StockNews.com downgraded shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Monday, March 3rd. Wedbush reaffirmed a “neutral” rating and set a $29.00 price objective on shares of NovoCure in a research report on Monday, January 13th. Finally, Piper Sandler boosted their price objective on shares of NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $32.67.

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.