Los Angeles Capital Management LLC Cuts Stake in NovoCure Limited $NVCR

Los Angeles Capital Management LLC lessened its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 40.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,122 shares of the medical equipment provider’s stock after selling 22,676 shares during the period. Los Angeles Capital Management LLC’s holdings in NovoCure were worth $590,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its position in NovoCure by 17.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider’s stock valued at $77,000 after buying an additional 629 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of NovoCure in the 1st quarter valued at approximately $87,000. Russell Investments Group Ltd. boosted its stake in NovoCure by 463.8% in the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider’s stock worth $116,000 after purchasing an additional 5,371 shares in the last quarter. Wealthquest Corp purchased a new stake in NovoCure during the 1st quarter worth approximately $129,000. Finally, Choreo LLC increased its stake in NovoCure by 58.7% during the 1st quarter. Choreo LLC now owns 13,253 shares of the medical equipment provider’s stock valued at $236,000 after purchasing an additional 4,903 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Trading Down 0.5%

NASDAQ NVCR opened at $11.32 on Friday. NovoCure Limited has a 1 year low of $10.70 and a 1 year high of $34.13. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.55 and a quick ratio of 1.50. The company has a market capitalization of $1.27 billion, a PE ratio of -7.03 and a beta of 0.80. The company has a fifty day moving average of $13.00 and a 200 day moving average of $14.68.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, October 30th. The medical equipment provider reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The business had revenue of $167.20 million during the quarter, compared to analyst estimates of $158.81 million. NovoCure had a negative return on equity of 50.29% and a negative net margin of 27.66%.The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.28) EPS. Research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ashley Cordova purchased 81,550 shares of NovoCure stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the transaction, the chief executive officer owned 437,569 shares in the company, valued at $5,347,093.18. The trade was a 22.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 5.52% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NVCR has been the subject of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of NovoCure from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Wedbush restated a “neutral” rating and issued a $18.00 target price on shares of NovoCure in a research note on Tuesday, September 30th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $14.50 price target (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. HC Wainwright boosted their price target on NovoCure from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of NovoCure in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.36.

NovoCure 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.