NovoCure Limited (NASDAQ:NVCR) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its position in NovoCure Limited (NASDAQ:NVCR) by 19.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,841 shares of the medical equipment provider’s stock after selling 3,178 shares during the quarter. M&T Bank Corp’s holdings in NovoCure were worth $201,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NVCR. Intech Investment Management LLC acquired a new stake in shares of NovoCure in the 3rd quarter valued at $346,000. Federated Hermes Inc. raised its stake in NovoCure by 5.8% in the second quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after buying an additional 40,870 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in NovoCure by 56.8% during 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 buying an additional 152,185 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of NovoCure by 171.9% during the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after acquiring an additional 480,600 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of NovoCure by 234.2% in the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock valued at $7,391,000 after acquiring an additional 302,351 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Stock Performance

Shares of NovoCure stock opened at $30.40 on Friday. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of -21.71 and a beta of 0.75. The firm’s fifty day simple moving average is $20.82 and its 200-day simple moving average is $19.19. 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 12 month low of $11.70 and a 12 month high of $34.13.

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

Analyst Upgrades and Downgrades

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

NovoCure 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.