Versant Capital Management Inc Increases Stock Position in NovoCure Limited (NASDAQ:NVCR)

Versant Capital Management Inc increased its position in NovoCure Limited (NASDAQ:NVCR) by 35.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,341 shares of the medical equipment provider’s stock after buying an additional 880 shares during the period. Versant Capital Management Inc’s holdings in NovoCure were worth $100,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVCR. Bank of New York Mellon Corp raised its holdings in shares of NovoCure by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after purchasing an additional 152,185 shares during the period. Van ECK Associates Corp increased its position in shares of NovoCure by 51.3% in the second quarter. Van ECK Associates Corp now owns 23,868 shares of the medical equipment provider’s stock worth $409,000 after acquiring an additional 8,094 shares in the last quarter. Rhumbline Advisers raised its stake in shares of NovoCure by 33.1% in the 2nd quarter. Rhumbline Advisers now owns 150,119 shares of the medical equipment provider’s stock valued at $2,572,000 after acquiring an additional 37,364 shares during the period. TD Asset Management Inc lifted its holdings in shares of NovoCure by 4.7% during the 2nd quarter. TD Asset Management Inc now owns 294,752 shares of the medical equipment provider’s stock valued at $5,049,000 after acquiring an additional 13,252 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in NovoCure by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after purchasing an additional 581 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Stock Performance

Shares of NVCR opened at $30.19 on Friday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -21.56 and a beta of 0.75. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $23.87 and its two-hundred day moving average is $19.85. NovoCure Limited has a 52-week low of $11.70 and a 52-week high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.06. The firm had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.46) earnings per share. Analysts forecast that NovoCure Limited will post -1.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on NVCR shares. HC Wainwright reissued a “buy” rating and issued a $38.00 price objective (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Piper Sandler raised their target price on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Finally, Wedbush reiterated a “neutral” rating and set a $29.00 price objective (up previously from $24.00) on shares of NovoCure in a research note on Monday, December 2nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, NovoCure has a consensus rating of “Moderate Buy” and an average price target of $32.67.

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.