M&T Bank Corp Increases Equity Position in NovoCure Limited (NASDAQ:NVCR)


M&T Bank Corp increased its position in shares of NovoCure Limited (NASDAQ: NVCRGet an assessment) by 77.0% in Q1, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,269 shares of the medical device supplier after acquiring an additional 2,292 shares during the period. M&T Bank Corp’s holdings in NovoCure were worth $435,000 when it last filed with the SEC.

Other hedge funds have also recently been buying and selling shares of the company. Quadrant Capital Group LLC increased its position in NovoCure by 175.7% during the first quarter. Quadrant Capital Group LLC now owns 601 shares of the medical equipment supplier valued at $50,000 after buying 383 additional shares in the last quarter. Rhumbline Advisers increased its position in NovoCure by 4.1% during the fourth quarter. Rhumbline Advisers now owns 97,963 shares of the medical equipment supplier valued at $7,355,000 after buying 3,877 additional shares in the last quarter. AlphaCrest Capital Management LLC increased its position in NovoCure by 144.4% during the fourth quarter. AlphaCrest Capital Management LLC now owns 25,902 shares of the medical equipment supplier valued at $1,945,000 after buying an additional 15,302 shares in the last quarter. The State Board of Administration of Florida Retirement System increased its position in NovoCure by 0.3% during the fourth quarter. The Florida Retirement System State Board of Directors now owns 127,524 shares of the medical equipment provider worth $9,575,000 after buying 398 additional shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in NovoCure by 6.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 7,989 shares of the medical equipment supplier valued at $600,000 after buying 487 additional shares in the last quarter. Hedge funds and other institutional investors hold 78.40% of the company’s shares.

NovoCure is trading down 1.9%

NASDAQ: NVCR opened at $84.32 on Tuesday. The company has a fifty-day moving average of $71.69 and a 200-day moving average of $75.24. NovoCure Limited has a 52 week low of $56.39 and a 52 week high of $143.69. The company has a quick ratio of 7.87, a current ratio of 8.08 and a leverage ratio of 1.28. The company has a market capitalization of $8.83 billion, a P/E ratio of -129.72 and a beta of 0.87.

Novocure (NASDAQ: NVCRGet an assessment) last released its quarterly results on Thursday, July 28. The medical equipment supplier reported ($0.23) EPS for the quarter, missing analyst consensus estimates of ($0.14) by ($0.09). NovoCure had a negative net margin of 12.52% and a negative return on equity of 16.04%. The company posted revenue of $140.90 million for the quarter, versus a consensus estimate of $135.13 million. In the same quarter of the previous year, the company had earned earnings per share of ($0.14). The company’s quarterly revenue increased 5.5% compared to the same quarter last year. On average, research analysts predict that NovoCure Limited will post -0.89 earnings per share for the current year.

Changes to analyst ratings

Several equity research analysts have published reports on NVCR shares. HC Wainwright began covering NovoCure shares in a research report on Monday, May 16. They set a “buy” rating and a target price of $115.00 for the company. StockNews.com upgraded NovoCure’s shares from a “sell” to a “hold” rating in a Monday, May 2, report. Evercore ISI downgraded NovoCure’s shares from an “in-line” rating to an “underperforming” rating and set a price target of $55.00 for the company. in a report on Tuesday July 5. Finally, Piper Sandler lowered her price target on NovoCure shares from $100.00 to $90.00 in a Thursday, July 28 report. One financial analyst gave the stock a sell rating, two gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and an average target price of $107.57.

Insider Buying and Selling at NovoCure

In other NovoCure news, President William F. Doyle sold 837 shares of the company in a trade on Tuesday, August 2. The shares were sold at an average price of $69.66, for a total transaction of $58,305.42. As a result of the transaction, the president now directly owns 551,176 shares of the company, valued at approximately $38,394,920.16. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. In other NovoCure news, Chairman William F. Doyle sold 837 shares of the company in a trade on Tuesday, August 2. The shares were sold at an average price of $69.66, for a total transaction of $58,305.42. As a result of the transaction, the president now directly owns 551,176 shares of the company, valued at approximately $38,394,920.16. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. Also, insider Ely Benaim sold 437 shares of the company in a trade on Tuesday, August 2. The shares were sold at an average price of $69.66, for a total transaction of $30,441.42. Following the transaction, the insider now directly owns 34,631 shares of the company, valued at $2,412,395.46. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 1,681 shares of the company valued at $117,078. 6.22% of the shares are currently held by insiders of the company.

NovoCure Company Profile

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NovoCure Limited, an oncology company, is engaged in the development, manufacture and marketing of Tumor Treatment Devices (TTFields) for the treatment of solid tumor cancers in the United States, Europe, Middle East , Africa, Japan and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.

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Institutional ownership by quarter for NovoCure (NASDAQ:NVCR)



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