Novocure Ltd (NASDAQ:NVCR) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 3,670,000 shares, a decline of 8.9% from the September 30th total of 4,030,000 shares. Based on an average daily volume of 762,600 shares, the short-interest ratio is presently 4.8 days. Approximately 4.6% of the company’s shares are short sold.
Several equities research analysts have issued reports on the company. Zacks Investment Research downgraded Novocure from a “buy” rating to a “hold” rating in a report on Friday, November 1st. BidaskClub upgraded Novocure from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Wedbush downgraded Novocure from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $57.00 to $80.00 in a report on Friday, July 26th. TheStreet upgraded Novocure from a “d” rating to a “c-” rating in a report on Friday, July 26th. Finally, Mizuho lifted their price objective on Novocure from $63.00 to $91.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $79.33.
In related news, General Counsel Todd Christopher Longsworth sold 158,440 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $87.87, for a total transaction of $13,922,122.80. Following the sale, the general counsel now directly owns 113,420 shares in the company, valued at approximately $9,966,215.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gabriel Leung sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $76.63, for a total value of $383,150.00. Following the sale, the director now owns 74,504 shares in the company, valued at $5,709,241.52. The disclosure for this sale can be found here. Insiders sold a total of 549,390 shares of company stock worth $46,731,164 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Great Lakes Advisors LLC raised its stake in Novocure by 82.6% during the 3rd quarter. Great Lakes Advisors LLC now owns 96,593 shares of the medical equipment provider’s stock worth $7,223,000 after buying an additional 43,701 shares during the period. Carillon Tower Advisers Inc. bought a new stake in shares of Novocure in the third quarter valued at approximately $42,825,000. Eagle Asset Management Inc. raised its position in Novocure by 436.0% during the third quarter. Eagle Asset Management Inc. now owns 817,914 shares of the medical equipment provider’s stock valued at $61,163,000 after purchasing an additional 665,321 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in Novocure during the third quarter valued at approximately $4,027,000. Finally, First Mercantile Trust Co. acquired a new position in Novocure during the third quarter valued at approximately $83,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.
NASDAQ:NVCR traded up $1.56 during midday trading on Friday, reaching $83.98. 690,400 shares of the company traded hands, compared to its average volume of 653,879. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of -121.71 and a beta of 2.34. Novocure has a twelve month low of $26.02 and a twelve month high of $98.70. The company has a debt-to-equity ratio of 0.84, a current ratio of 5.06 and a quick ratio of 4.76. The company has a fifty day moving average price of $75.48 and a 200 day moving average price of $70.44.
Novocure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, October 31st. The medical equipment provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.07. The firm had revenue of $92.06 million for the quarter, compared to analyst estimates of $87.12 million. Novocure had a negative return on equity of 18.45% and a negative net margin of 8.43%. Novocure’s quarterly revenue was up 42.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.13) earnings per share. On average, equities research analysts forecast that Novocure will post -0.13 earnings per share for the current fiscal year.
Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.
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