Meeder Asset Management Inc. Sells 704 Shares of NovoCure Limited (NASDAQ:NVCR)

Meeder Asset Management Inc. reduced its position in NovoCure Limited (NASDAQ:NVCR) by 14.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,017 shares of the medical equipment provider’s stock after selling 704 shares during the period. Meeder Asset Management Inc.’s holdings in NovoCure were worth $63,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

NVCR has been the subject of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of NovoCure in a research report on Thursday, October 31st. Wells Fargo & Company lowered their price objective on 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 lowered their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. Finally, Wedbush reissued an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.17.

NovoCure Stock Performance

Shares of NVCR stock opened at $16.86 on Thursday. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -11.77 and a beta of 0.71. 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 business has a fifty day moving average of $16.53 and a 200 day moving average of $18.33. NovoCure Limited has a 1 year low of $11.29 and a 1 year high of $24.74.

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

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.