Novocure (NASDAQ:NVCR) Sees Large Volume Increase

Shares of Novocure Ltd (NASDAQ:NVCR) saw unusually-high trading volume on Thursday . Approximately 1,925,294 shares traded hands during mid-day trading, an increase of 195% from the previous session’s volume of 652,069 shares.The stock last traded at $60.85 and had previously closed at $56.80.

A number of equities research analysts recently weighed in on the stock. BidaskClub raised shares of Novocure from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. ValuEngine downgraded shares of Novocure from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Mizuho reaffirmed a “buy” rating and set a $63.00 price objective on shares of Novocure in a research report on Thursday, March 7th. SunTrust Banks assumed coverage on shares of Novocure in a research report on Tuesday, March 19th. They set a “hold” rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Novocure in a research report on Sunday, May 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Novocure presently has an average rating of “Buy” and a consensus target price of $52.44.

The company has a quick ratio of 4.39, a current ratio of 4.73 and a debt-to-equity ratio of 1.27. The stock’s 50 day moving average price is $54.28. The stock has a market capitalization of $5.83 billion, a PE ratio of -91.64 and a beta of 2.44.

Novocure (NASDAQ:NVCR) last posted its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.13). The firm had revenue of $73.31 million during the quarter, compared to analyst estimates of $72.85 million. Novocure had a negative net margin of 20.42% and a negative return on equity of 47.23%. Novocure’s revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) EPS. As a group, equities analysts predict that Novocure Ltd will post -0.17 earnings per share for the current fiscal year.

In other news, Director Gabriel Leung sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $60.02, for a total value of $1,500,500.00. Following the completion of the sale, the director now directly owns 94,504 shares of the company’s stock, valued at approximately $5,672,130.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Pritesh Shah sold 11,175 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $60.30, for a total transaction of $673,852.50. Following the completion of the sale, the insider now directly owns 65,037 shares of the company’s stock, valued at $3,921,731.10. The disclosure for this sale can be found here. Insiders have sold a total of 693,345 shares of company stock valued at $38,105,276 over the last three months. 5.60% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Cerebellum GP LLC bought a new stake in Novocure in the first quarter worth approximately $300,000. Trexquant Investment LP grew its position in Novocure by 355.1% in the first quarter. Trexquant Investment LP now owns 32,438 shares of the medical equipment provider’s stock worth $1,563,000 after acquiring an additional 25,310 shares in the last quarter. Granite Investment Partners LLC grew its position in Novocure by 19.1% in the first quarter. Granite Investment Partners LLC now owns 396,158 shares of the medical equipment provider’s stock worth $19,083,000 after acquiring an additional 63,491 shares in the last quarter. Delek Group Ltd. bought a new stake in Novocure in the first quarter worth approximately $1,614,000. Finally, Jennison Associates LLC bought a new stake in Novocure in the first quarter worth approximately $679,000. 65.34% of the stock is owned by institutional investors.

About Novocure (NASDAQ:NVCR)

Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.

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