Jacobs Levy Equity Management Inc. Raises Stock Position in NovoCure Limited (NASDAQ:NVCR)

Jacobs Levy Equity Management Inc. raised its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 305.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 475,226 shares of the medical equipment provider’s stock after buying an additional 358,062 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.44% of NovoCure worth $7,428,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 2,118 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock worth $80,000 after purchasing an additional 4,700 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of NovoCure in the first quarter worth approximately $113,000. Headlands Technologies LLC bought a new stake in NovoCure during the first quarter valued at approximately $134,000. Finally, Aristides Capital LLC purchased a new stake in NovoCure during the first quarter valued at approximately $178,000. 84.61% of the stock is owned by institutional investors.

NovoCure Price Performance

NASDAQ NVCR traded up $2.54 during trading hours on Tuesday, reaching $23.35. The company’s stock had a trading volume of 2,954,345 shares, compared to its average volume of 1,420,504. The firm’s 50-day moving average price is $19.77 and its 200-day moving average price is $16.61. The company has a quick ratio of 6.22, a current ratio of 6.46 and a debt-to-equity ratio of 1.81. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $35.10. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -12.90 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same period in the previous year, the firm earned ($0.54) EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts predict that NovoCure Limited will post -1.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NVCR. Wells Fargo & Company dropped their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. HC Wainwright boosted their price target on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI raised their price objective on NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 2nd. Wedbush reaffirmed an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $28.00 price objective (up from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.88.

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.