NovoCure Limited (NASDAQ:NVCR) shares rose 5.7% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $19.95 and last traded at $19.45. Approximately 1,624,718 shares were traded during mid-day trading, an increase of 78% from the average daily volume of 913,035 shares. The stock had previously closed at $18.40.
The medical equipment provider reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.07. The business had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. NovoCure Limited had a negative net margin of 47.45% and a negative return on equity of 56.24%. The company’s quarterly revenue was up 130.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.39) earnings per share.
Several research firms recently weighed in on NVCR. Mizuho began coverage on shares of NovoCure Limited in a report on Wednesday, September 6th. They issued a “buy” rating and a $25.00 price objective for the company. BidaskClub downgraded shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $19.00 price objective (up previously from $18.00) on shares of NovoCure Limited in a report on Monday, July 17th. Zacks Investment Research downgraded shares of NovoCure Limited from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $25.00 price objective (down previously from $29.00) on shares of NovoCure Limited in a report on Friday. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $20.86.
In related news, CEO Asaf Danziger sold 37,272 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $22.01, for a total value of $820,356.72. Following the completion of the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 73,672 shares of company stock valued at $1,621,557 in the last ninety days. Corporate insiders own 16.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of NVCR. Bank of New York Mellon Corp lifted its holdings in NovoCure Limited by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 173,523 shares of the medical equipment provider’s stock worth $1,406,000 after purchasing an additional 2,480 shares during the period. American International Group Inc. lifted its holdings in NovoCure Limited by 7.1% in the first quarter. American International Group Inc. now owns 31,191 shares of the medical equipment provider’s stock worth $253,000 after purchasing an additional 2,065 shares during the period. Teachers Advisors LLC lifted its holdings in NovoCure Limited by 3.3% in the 1st quarter. Teachers Advisors LLC now owns 98,799 shares of the medical equipment provider’s stock valued at $800,000 after acquiring an additional 3,125 shares during the last quarter. Vanguard Group Inc. lifted its holdings in NovoCure Limited by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 3,047,940 shares of the medical equipment provider’s stock valued at $24,688,000 after acquiring an additional 325,512 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in NovoCure Limited by 14.6% in the 1st quarter. Geode Capital Management LLC now owns 128,632 shares of the medical equipment provider’s stock valued at $1,041,000 after acquiring an additional 16,411 shares during the last quarter. 36.23% of the stock is owned by institutional investors and hedge funds.
The firm’s 50 day moving average price is $19.58 and its 200 day moving average price is $16.74. The firm’s market capitalization is $1.73 billion.
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About NovoCure Limited
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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