Point72 Hong Kong Ltd Cuts Stock Position in NovoCure Limited (NASDAQ:NVCR)

Point72 Hong Kong Ltd reduced its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 58.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,684 shares of the medical equipment provider’s stock after selling 10,940 shares during the period. Point72 Hong Kong Ltd’s holdings in NovoCure were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ridgewood Investments LLC acquired a new position in NovoCure during the second quarter valued at $28,000. Signaturefd LLC lifted its holdings in shares of NovoCure by 61.7% in the 2nd 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 during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of NovoCure in the second quarter worth about $34,000. Fifth Third Bancorp purchased a new stake in shares of NovoCure in the second quarter worth about $43,000. Finally, Brooklyn Investment Group acquired a new stake in NovoCure during the third quarter worth about $45,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on NVCR shares. Wedbush reiterated a “neutral” rating and issued a $29.00 price objective (up previously from $24.00) on shares of NovoCure in a research report on Monday. HC Wainwright reiterated a “buy” rating and set a $38.00 price target (up previously from $30.00) on shares of NovoCure in a research report on Monday. Finally, Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $18.00 to $30.00 in a report on Monday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, NovoCure presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

NovoCure Stock Performance

NASDAQ:NVCR opened at $30.51 on Wednesday. The company has a market cap of $3.30 billion, a P/E ratio of -21.79 and a beta of 0.75. NovoCure Limited has a twelve month low of $11.66 and a twelve month high of $32.60. The company’s 50-day moving average price is $17.19 and its 200-day moving average price is $18.51. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping 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 business had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. During the same period in the previous year, the firm posted ($0.46) EPS. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. On average, sell-side analysts forecast that NovoCure Limited will post -1.31 earnings per share for the current fiscal 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.