BlackRock Inc. reduced its stake in shares of Novocure Ltd (NASDAQ:NVCR) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,806,096 shares of the medical equipment provider’s stock after selling 120,358 shares during the quarter. BlackRock Inc. owned 4.26% of Novocure worth $76,882,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in NVCR. Sei Investments Co. purchased a new position in Novocure during the third quarter valued at approximately $397,000. Bank of New York Mellon Corp increased its position in shares of Novocure by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 203,031 shares of the medical equipment provider’s stock valued at $4,030,000 after buying an additional 2,724 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Novocure by 18.5% in the third quarter. Russell Investments Group Ltd. now owns 24,802 shares of the medical equipment provider’s stock valued at $492,000 after buying an additional 3,876 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Novocure by 82.9% in the third quarter. SG Americas Securities LLC now owns 19,545 shares of the medical equipment provider’s stock valued at $388,000 after buying an additional 8,859 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Novocure in the third quarter valued at approximately $1,163,000. Institutional investors own 42.83% of the company’s stock.
Shares of NASDAQ:NVCR opened at $21.80 on Friday. The company has a current ratio of 4.88, a quick ratio of 4.44 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $1,959.43, a PE ratio of -31.14 and a beta of 3.50. Novocure Ltd has a 1 year low of $7.75 and a 1 year high of $24.15.
A number of research firms have recently commented on NVCR. BidaskClub cut Novocure from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Mizuho restated a “buy” rating and issued a $28.00 price objective (up from $25.00) on shares of Novocure in a research report on Friday, February 23rd. Zacks Investment Research cut Novocure from a “buy” rating to a “hold” rating in a research report on Saturday, January 13th. Deutsche Bank cut their price objective on Novocure from $22.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, February 23rd. Finally, ValuEngine upgraded Novocure from a “sell” rating to a “hold” rating in a research report on Sunday, December 31st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $21.50.
In other news, CEO Asaf Danziger sold 336,420 shares of Novocure stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $22.33, for a total value of $7,512,258.60. Following the sale, the chief executive officer now directly owns 435,863 shares of the company’s stock, valued at $9,732,820.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wilhelmus Cm Groenhuysen sold 31,132 shares of Novocure stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $21.02, for a total value of $654,394.64. Following the completion of the sale, the chief financial officer now directly owns 240,210 shares in the company, valued at $5,049,214.20. The disclosure for this sale can be found here. Insiders sold 511,492 shares of company stock worth $11,300,256 over the last ninety days. Corporate insiders own 16.70% of the company’s stock.
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NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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