NovoCure Limited (NVCR) Stock Price Down 5.7% on Insider Selling

Shares of NovoCure Limited (NASDAQ:NVCR) fell 5.7% during trading on Monday following insider selling activity. The company traded as low as $17.15 and last traded at $17.30. 1,331,300 shares changed hands during trading, an increase of 56% from the average session volume of 853,971 shares. The stock had previously closed at $18.35.

Specifically, CTO Yoram Palti sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $18.25, for a total transaction of $547,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Asaf Danziger sold 37,272 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $22.01, for a total value of $820,356.72. Following the transaction, the chief executive officer now owns 776,862 shares in the company, valued at approximately $17,098,732.62. The disclosure for this sale can be found here. In the last quarter, insiders have sold 269,953 shares of company stock worth $5,764,863. 16.70% of the stock is owned by corporate insiders.

A number of equities analysts have commented on NVCR shares. Zacks Investment Research lowered NovoCure Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Wedbush reiterated an “outperform” rating and issued a $25.00 price target (down previously from $29.00) on shares of NovoCure Limited in a research note on Friday, October 27th. BidaskClub upgraded NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Mizuho began coverage on NovoCure Limited in a research note on Wednesday, September 6th. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $19.00 price target (up previously from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. NovoCure Limited has a consensus rating of “Buy” and an average target price of $21.00.

The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30.

NovoCure Limited (NASDAQ:NVCR) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The firm had revenue of $50.10 million for the quarter, compared to the consensus estimate of $43.45 million. During the same period in the previous year, the business earned ($0.39) EPS. The business’s quarterly revenue was up 130.9% compared to the same quarter last year. research analysts expect that NovoCure Limited will post -0.63 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can raised its position in shares of NovoCure Limited by 1,919.7% in the 2nd quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock worth $122,000 after acquiring an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of NovoCure Limited by 792.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock worth $125,000 after acquiring an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in shares of NovoCure Limited in the 2nd quarter worth about $126,000. Trexquant Investment LP bought a new position in shares of NovoCure Limited in the 3rd quarter worth about $212,000. Finally, Fox Run Management L.L.C. bought a new position in shares of NovoCure Limited in the 2nd quarter worth about $225,000. 36.21% of the stock is owned by hedge funds and other institutional investors.

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NovoCure Limited Company Profile

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.

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