Healthcare of Ontario Pension Plan Trust Fund Takes $113,000 Position in NovoCure Limited (NASDAQ:NVCR)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in NovoCure Limited (NASDAQ:NVCR) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,257 shares of the medical equipment provider’s stock, valued at approximately $113,000.

Several other hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 2,118 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of NovoCure by 1,113.7% in the first quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after acquiring an additional 4,700 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of NovoCure in the first quarter valued at $134,000. China Universal Asset Management Co. Ltd. raised its stake in shares of NovoCure by 351.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,363 shares of the medical equipment provider’s stock valued at $185,000 after acquiring an additional 9,624 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of NovoCure in the fourth quarter valued at $195,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Stock Performance

Shares of NVCR stock opened at $19.02 on Friday. The stock’s 50-day moving average is $19.84 and its two-hundred day moving average is $16.53. NovoCure Limited has a 1 year low of $10.87 and a 1 year high of $41.51. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.37% and a negative net margin of 30.67%. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. During the same quarter last year, the company posted ($0.54) earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, sell-side analysts forecast that NovoCure Limited will post -1.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

NVCR has been the topic of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $28.00 price objective (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Evercore ISI raised their price target on NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research note on Tuesday, July 2nd. Wedbush restated an “outperform” rating and issued a $24.00 price target on shares of NovoCure in a research note on Thursday. HC Wainwright raised their price target on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Wells Fargo & Company cut their price target on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently 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.