TimesSquare Capital Management LLC Reduces Stake in NovoCure Limited (NASDAQ:NVCR)

TimesSquare Capital Management LLC lowered its holdings in NovoCure Limited (NASDAQ:NVCR) by 12.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 60,700 shares of the medical equipment provider’s stock after selling 8,800 shares during the period. TimesSquare Capital Management LLC’s holdings in NovoCure were worth $8,023,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in NVCR. Sterling Financial Planning Inc. bought a new position in shares of NovoCure in the 4th quarter worth approximately $26,000. RWM Asset Management LLC bought a new position in shares of NovoCure in the 4th quarter worth approximately $35,000. NEXT Financial Group Inc bought a new position in shares of NovoCure in the 4th quarter worth approximately $35,000. Regent Peak Wealth Advisors LLC bought a new position in shares of NovoCure in the 4th quarter worth approximately $58,000. Finally, Wealthcare Advisory Partners LLC bought a new position in shares of NovoCure in the 1st quarter worth approximately $64,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on NovoCure from $135.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 13th. Wedbush reissued an “underperform” rating and issued a $154.00 target price (down previously from $159.00) on shares of NovoCure in a research report on Tuesday, April 20th. Mizuho raised their price objective on NovoCure from $175.00 to $242.00 and gave the company a “buy” rating in a research report on Wednesday, April 14th. Truist Securities raised their price objective on NovoCure from $132.00 to $142.00 and gave the company a “hold” rating in a research report on Monday, April 19th. Finally, Zacks Investment Research lowered NovoCure from a “hold” rating to a “sell” rating in a research report on Wednesday, May 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. NovoCure presently has an average rating of “Hold” and a consensus price target of $195.71.

In other news, insider Ely Benaim sold 1,833 shares of the firm’s stock in a transaction on Thursday, May 27th. The stock was sold at an average price of $200.00, for a total value of $366,600.00. Following the transaction, the insider now directly owns 30,887 shares in the company, valued at approximately $6,177,400. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gabriel Leung sold 1,000 shares of the firm’s stock in a transaction on Monday, June 7th. The stock was sold at an average price of $204.55, for a total value of $204,550.00. Following the completion of the transaction, the director now owns 73,045 shares in the company, valued at $14,941,354.75. The disclosure for this sale can be found here. In the last three months, insiders sold 219,815 shares of company stock valued at $43,017,235. Corporate insiders own 4.57% of the company’s stock.

NovoCure stock opened at $217.48 on Friday. The company has a market cap of $22.49 billion, a price-to-earnings ratio of 1,977.27 and a beta of 1.08. The business has a fifty day simple moving average of $187.26. NovoCure Limited has a 12 month low of $55.40 and a 12 month high of $220.48. The company has a current ratio of 9.19, a quick ratio of 8.94 and a debt-to-equity ratio of 1.50.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, April 29th. The medical equipment provider reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.06). NovoCure had a return on equity of 3.30% and a net margin of 2.22%. On average, research analysts expect that NovoCure Limited will post 0.08 earnings per share for the current fiscal year.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and Optune Lua, a Tumor Treating Fields delivery system for use as a monotherapy treatment for adult patients with glioblastoma.

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Institutional Ownership by Quarter for NovoCure (NASDAQ:NVCR)

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