Bank of New York Mellon Corp increased its position in shares of NovoCure Ltd. (NASDAQ:NVCR) by 498.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,091 shares of the company’s stock after buying an additional 114,190 shares during the period. Bank of New York Mellon Corp owned about 0.16% of NovoCure worth $1,600,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in NovoCure by 40.5% in the first quarter. State Street Corp now owns 122,539 shares of the company’s stock worth $1,773,000 after buying an additional 35,323 shares during the last quarter. Riverhead Capital Management LLC bought a new stake in NovoCure during the first quarter worth $673,000. Geode Capital Management LLC increased its stake in NovoCure by 5.1% in the first quarter. Geode Capital Management LLC now owns 40,771 shares of the company’s stock worth $590,000 after buying an additional 1,988 shares during the last quarter. Para Advisors LLC bought a new stake in NovoCure during the first quarter worth $290,000. Finally, Flossbach Von Storch AG bought a new stake in NovoCure during the second quarter worth $395,000. 22.67% of the stock is currently owned by institutional investors.
NovoCure Ltd. (NASDAQ:NVCR) traded down 3.00% on Friday, reaching $8.40. 149,475 shares of the company traded hands. The company’s market capitalization is $720.50 million. The stock has a 50-day moving average of $8.35 and a 200 day moving average of $10.86. NovoCure Ltd. has a 52-week low of $7.30 and a 52-week high of $30.89.
NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.48) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by $0.11. The company earned $17.90 million during the quarter, compared to the consensus estimate of $15.90 million. NovoCure had a negative net margin of 258.09% and a negative return on equity of 69.31%. On average, equities analysts forecast that NovoCure Ltd. will post ($1.74) EPS for the current year.
A number of equities research analysts have weighed in on NVCR shares. Zacks Investment Research raised NovoCure from a “sell” rating to a “hold” rating in a report on Thursday, September 29th. JPMorgan Chase & Co. decreased their price objective on NovoCure from $29.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, July 29th. JMP Securities reduced their target price on NovoCure from $43.00 to $34.00 and set a “market outperform” rating on the stock in a report on Friday, July 29th. Wedbush reissued an “outperform” rating and issued a $30.00 target price on shares of NovoCure in a report on Wednesday, July 6th. Finally, Barclays PLC reduced their target price on NovoCure from $12.00 to $9.00 and set an “underweight” rating on the stock in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $21.43.
In other NovoCure news, Director Gert L. Perlhagen sold 676,576 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $1.85, for a total value of $1,251,665.60. Following the transaction, the director now directly owns 676,576 shares of the company’s stock, valued at approximately $1,251,665.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 33.90% of the stock is currently owned by company insiders.
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a therapy called TTFields for the treatment of solid tumor cancers. TTFields is a low-toxicity anti-mitotic treatment that uses low-intensity, intermediate frequency, alternating electric fields to exert physical forces on molecules inside cancer cells, disrupting the basic machinery for normal cell division, leading to cancer cell death.
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