Novocure Ltd (NASDAQ:NVCR) saw a large growth in short interest during the month of July. As of July 31st, there was short interest totalling 5,283,500 shares, a growth of 7.4% from the June 30th total of 4,917,400 shares. Approximately 7.2% of the shares of the stock are short sold. Based on an average trading volume of 754,600 shares, the short-interest ratio is presently 7.0 days.
In other news, CEO Asaf Danziger sold 190,338 shares of Novocure stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $59.37, for a total transaction of $11,300,367.06. Following the completion of the sale, the chief executive officer now directly owns 448,649 shares of the company’s stock, valued at approximately $26,636,291.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William F. Doyle sold 1,900 shares of Novocure stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $53.10, for a total transaction of $100,890.00. Following the sale, the insider now directly owns 894,563 shares of the company’s stock, valued at $47,501,295.30. The disclosure for this sale can be found here. Insiders have sold a total of 748,966 shares of company stock valued at $44,624,183 over the last ninety days. 5.60% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of NVCR. Point72 Hong Kong Ltd raised its stake in shares of Novocure by 1,337.1% during the second quarter. Point72 Hong Kong Ltd now owns 503 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 468 shares during the last quarter. Quantamental Technologies LLC bought a new position in shares of Novocure during the second quarter valued at about $66,000. Tower Research Capital LLC TRC raised its stake in shares of Novocure by 560.0% during the second quarter. Tower Research Capital LLC TRC now owns 1,320 shares of the medical equipment provider’s stock valued at $83,000 after acquiring an additional 1,120 shares during the last quarter. Strategic Financial Services Inc bought a new position in shares of Novocure during the first quarter valued at about $207,000. Finally, Raymond James & Associates raised its stake in shares of Novocure by 31.7% during the fourth quarter. Raymond James & Associates now owns 7,113 shares of the medical equipment provider’s stock valued at $238,000 after acquiring an additional 1,714 shares during the last quarter. 63.98% of the stock is owned by hedge funds and other institutional investors.
Novocure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.06. The business had revenue of $86.70 million during the quarter, compared to the consensus estimate of $78.98 million. Novocure had a negative net margin of 13.84% and a negative return on equity of 31.80%. The firm’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) earnings per share. On average, equities research analysts expect that Novocure will post -0.22 earnings per share for the current fiscal year.
A number of analysts have recently issued reports on NVCR shares. Mizuho lifted their price objective on shares of Novocure from $63.00 to $91.00 and gave the stock a “buy” rating in a report on Friday, July 26th. SunTrust Banks raised shares of Novocure from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. TheStreet raised shares of Novocure from a “d” rating to a “c-” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. downgraded shares of Novocure from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $61.00 to $79.00 in a research note on Friday, July 26th. Finally, Oppenheimer set a $85.00 price target on shares of Novocure and gave the stock a “buy” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $68.00.
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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