NovoCure Limited (NVCR) Shares Gap Up Following Better-Than-Expected Earnings

NovoCure Limited (NASDAQ:NVCR) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $16.70, but opened at $18.10. NovoCure Limited shares last traded at $18.40, with a volume of 2,485,187 shares trading hands.

The medical equipment provider reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.08. The firm had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. NovoCure Limited had a negative net margin of 75.91% and a negative return on equity of 69.48%. The business’s quarterly revenue was up 130.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.39) EPS.

Several research firms recently commented on NVCR. Zacks Investment Research cut shares of NovoCure Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub cut shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating and set a $19.00 target price (up from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Finally, Mizuho began coverage on shares of NovoCure Limited in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price for the company. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. NovoCure Limited currently has a consensus rating of “Buy” and a consensus price target of $20.14.

In other NovoCure Limited news, CEO Asaf Danziger sold 35,500 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $22.01, for a total value of $781,355.00. Following the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at approximately $17,098,732.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 73,672 shares of company stock worth $1,621,557 in the last three months. Insiders own 16.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Bank of Montreal Can increased its holdings in 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 valued at $122,000 after buying an additional 6,719 shares during the period. BNP Paribas Arbitrage SA increased its holdings in 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 valued at $125,000 after buying an additional 6,419 shares during the period. Nisa Investment Advisors LLC bought a new stake in NovoCure Limited in the 2nd quarter valued at $126,000. Fox Run Management L.L.C. bought a new stake in NovoCure Limited in the 2nd quarter valued at $225,000. Finally, Legal & General Group Plc increased its holdings in NovoCure Limited by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock valued at $238,000 after buying an additional 1,092 shares during the period. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

The firm’s market cap is $1.64 billion. The stock’s 50 day moving average is $19.58 and its 200 day moving average is $16.74.

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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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