Zacks Investment Research Downgrades NovoCure Limited (NASDAQ:NVCR) to Hold

Zacks Investment Research cut shares of NovoCure Limited (NASDAQ:NVCR) from a buy rating to a hold rating in a report published on Tuesday, August 1st.

According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “

Other equities analysts have also issued reports about the company. BidaskClub lowered NovoCure Limited from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Wedbush reissued an outperform rating and set a $20.00 price objective on shares of NovoCure Limited in a report on Thursday, April 27th. ValuEngine raised NovoCure Limited from a sell rating to a hold rating in a report on Saturday, June 3rd. Deutsche Bank AG increased their price objective on NovoCure Limited from $10.00 to $11.00 and gave the company a hold rating in a report on Friday, April 28th. Finally, Aegis reissued a buy rating and set a $14.00 price objective on shares of NovoCure Limited in a report on Tuesday, April 18th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $19.29.

NovoCure Limited (NASDAQ:NVCR) traded down 2.08% during mid-day trading on Tuesday, reaching $18.85. The company had a trading volume of 860,918 shares. The company’s market capitalization is $1.68 billion. The stock has a 50-day moving average of $18.94 and a 200 day moving average of $12.66. NovoCure Limited has a 12-month low of $5.95 and a 12-month high of $21.75.

NovoCure Limited (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by $0.01. NovoCure Limited had a negative net margin of 75.91% and a negative return on equity of 69.48%. The firm had revenue of $38.38 million for the quarter, compared to the consensus estimate of $42.20 million. On average, analysts expect that NovoCure Limited will post ($0.75) EPS for the current year.

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In other news, major shareholder Pomona Capital Vii Fund Invest sold 1,072,532 shares of the firm’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $17.35, for a total value of $18,608,430.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Asaf Danziger sold 7,383 shares of NovoCure Limited stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $19.95, for a total value of $147,290.85. Following the sale, the chief executive officer now directly owns 462,765 shares of the company’s stock, valued at approximately $9,232,161.75. The disclosure for this sale can be found here. Insiders sold 2,253,522 shares of company stock valued at $38,336,772 over the last ninety days. Corporate insiders own 16.70% of the company’s stock.

A number of large investors have recently bought and sold shares of NVCR. Fox Run Management L.L.C. acquired a new stake in NovoCure Limited during the second quarter valued at about $225,000. Bank of America Corp DE raised its stake in NovoCure Limited by 61.7% in the first quarter. Bank of America Corp DE now owns 37,531 shares of the medical equipment provider’s stock valued at $305,000 after buying an additional 14,321 shares in the last quarter. Geode Capital Management LLC raised its stake in NovoCure Limited by 14.6% in the first quarter. Geode Capital Management LLC now owns 128,632 shares of the medical equipment provider’s stock valued at $1,041,000 after buying an additional 16,411 shares in the last quarter. Vanguard Group Inc. raised its stake in NovoCure Limited by 12.0% in the first quarter. Vanguard Group Inc. now owns 3,047,940 shares of the medical equipment provider’s stock valued at $24,688,000 after buying an additional 325,512 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in NovoCure Limited by 3.3% in the first quarter. Teachers Advisors LLC now owns 98,799 shares of the medical equipment provider’s stock valued at $800,000 after buying an additional 3,125 shares in the last quarter. 25.15% of the stock is owned by institutional investors.

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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