KLP Kapitalforvaltning AS Invests $644,000 in NovoCure Limited (NASDAQ:NVCR)

KLP Kapitalforvaltning AS purchased a new stake in NovoCure Limited (NASDAQ:NVCR) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 21,600 shares of the medical equipment provider’s stock, valued at approximately $644,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Intech Investment Management LLC acquired a new stake in NovoCure in the third quarter worth $346,000. Charles Schwab Investment Management Inc. lifted its holdings in NovoCure by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 824,443 shares of the medical equipment provider’s stock worth $12,886,000 after acquiring an additional 16,339 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in NovoCure by 7.6% in the third quarter. The Manufacturers Life Insurance Company now owns 202,027 shares of the medical equipment provider’s stock valued at $3,158,000 after acquiring an additional 14,255 shares during the period. MetLife Investment Management LLC increased its holdings in shares of NovoCure by 129.1% in the third quarter. MetLife Investment Management LLC now owns 61,603 shares of the medical equipment provider’s stock worth $963,000 after acquiring an additional 34,711 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of NovoCure by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 907,999 shares of the medical equipment provider’s stock worth $14,192,000 after acquiring an additional 84,606 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

NovoCure Trading Down 1.7 %

NovoCure stock opened at $17.52 on Wednesday. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -12.51 and a beta of 0.63. The firm has a 50-day moving average of $21.37 and a 200-day moving average of $21.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. NovoCure Limited has a one year low of $11.70 and a one year high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company had revenue of $161.27 million during the quarter, compared to the consensus estimate of $161.30 million. On average, equities analysts expect that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NVCR shares. Wedbush reiterated a “neutral” rating and issued a $29.00 price objective on shares of NovoCure in a research report on Monday, January 13th. Piper Sandler increased their price objective on shares of NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. StockNews.com lowered shares of NovoCure from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, HC Wainwright reissued a “buy” rating and issued a $38.00 price target on shares of NovoCure in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NovoCure presently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

About NovoCure

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.