Connor Clark & Lunn Investment Management Ltd. Raises Holdings in NovoCure Limited (NASDAQ:NVCR)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of NovoCure Limited (NASDAQ:NVCR) by 16.3% in the third quarter, Holdings Channel.com reports. The fund owned 426,263 shares of the medical equipment provider’s stock after buying an additional 59,608 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in NovoCure were worth $6,662,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NVCR. Ridgewood Investments LLC purchased a new stake in shares of NovoCure during the 2nd quarter worth about $28,000. Signaturefd LLC lifted its position in NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in NovoCure during the second quarter worth approximately $34,000. Fifth Third Bancorp acquired a new stake in shares of NovoCure in the second quarter worth $43,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of NovoCure in the second quarter worth $48,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Performance

NASDAQ:NVCR opened at $17.73 on Friday. The firm has a 50-day moving average of $16.50 and a two-hundred day moving average of $18.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The stock has a market cap of $1.92 billion, a P/E ratio of -12.66 and a beta of 0.71. NovoCure Limited has a 1-year low of $11.29 and a 1-year high of $24.74.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $155.10 million during the quarter, compared to the consensus estimate of $143.95 million. During the same quarter in the prior year, the business posted ($0.46) earnings per share. NovoCure’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, research analysts expect that NovoCure Limited will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Evercore ISI reduced their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of NovoCure in a research note on Thursday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Company 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.