Edgestream Partners L.P. Purchases New Shares in NovoCure Limited (NASDAQ:NVCR)

Edgestream Partners L.P. acquired a new position in NovoCure Limited (NASDAQ:NVCR) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 115,929 shares of the medical equipment provider’s stock, valued at approximately $1,812,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tidal Investments LLC purchased a new position in shares of NovoCure during the first quarter valued at approximately $695,000. Federated Hermes Inc. grew its stake in shares of NovoCure by 5.8% in the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after buying an additional 40,870 shares during the last quarter. Bank of New York Mellon Corp increased its position in NovoCure by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after buying an additional 152,185 shares in the last quarter. Renaissance Technologies LLC raised its stake in NovoCure by 171.9% during the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after buying an additional 480,600 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in NovoCure by 234.2% in the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after acquiring an additional 302,351 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on NVCR. Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $18.00 to $30.00 in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 target price (up from $30.00) on shares of NovoCure in a report on Monday. Finally, Wedbush reiterated a “neutral” rating and issued a $29.00 target price (up previously from $24.00) on shares of NovoCure in a research note on Monday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, NovoCure has a consensus rating of “Moderate Buy” and an average target price of $30.33.

NovoCure Stock Performance

NovoCure stock opened at $30.51 on Wednesday. NovoCure Limited has a fifty-two week low of $11.66 and a fifty-two week high of $32.60. The company has a market capitalization of $3.30 billion, a PE ratio of -21.79 and a beta of 0.75. The company has a 50 day moving average price of $17.19 and a 200-day moving average price of $18.51. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $143.95 million. During the same quarter last year, the firm posted ($0.46) earnings per share. The business’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, equities analysts forecast that NovoCure Limited will post -1.31 earnings per share for the current year.

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.