TimesSquare Capital Management LLC Cuts Stake in Novocure Ltd (NASDAQ:NVCR)

TimesSquare Capital Management LLC reduced its stake in shares of Novocure Ltd (NASDAQ:NVCR) by 45.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 487,000 shares of the medical equipment provider’s stock after selling 403,015 shares during the quarter. TimesSquare Capital Management LLC owned about 0.49% of Novocure worth $36,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Baillie Gifford & Co. boosted its position in shares of Novocure by 9.8% during the 2nd quarter. Baillie Gifford & Co. now owns 8,829,449 shares of the medical equipment provider’s stock valued at $558,287,000 after acquiring an additional 789,924 shares during the last quarter. BlackRock Inc. boosted its position in shares of Novocure by 15.6% during the 2nd quarter. BlackRock Inc. now owns 5,554,632 shares of the medical equipment provider’s stock valued at $351,218,000 after acquiring an additional 750,374 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Novocure by 21.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,357,482 shares of the medical equipment provider’s stock valued at $149,064,000 after acquiring an additional 421,235 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Novocure by 10.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,055,470 shares of the medical equipment provider’s stock valued at $129,967,000 after acquiring an additional 199,200 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its position in Novocure by 12.6% in the second quarter. Macquarie Group Ltd. now owns 1,309,220 shares of the medical equipment provider’s stock worth $82,782,000 after buying an additional 146,726 shares during the last quarter. 66.61% of the stock is owned by institutional investors and hedge funds.

In other news, Director Gabriel Leung sold 5,000 shares of Novocure stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $76.63, for a total transaction of $383,150.00. Following the completion of the sale, the director now directly owns 74,504 shares in the company, valued at $5,709,241.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 8,600 shares of Novocure stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.13, for a total value of $689,118.00. Following the sale, the chief financial officer now owns 89,079 shares of the company’s stock, valued at $7,137,900.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 521,814 shares of company stock valued at $44,473,517. Corporate insiders own 5.60% of the company’s stock.

NVCR has been the subject of a number of analyst reports. SunTrust Banks upgraded Novocure from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Oppenheimer raised their price target on Novocure from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Zacks Investment Research downgraded Novocure from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Wedbush downgraded Novocure from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $57.00 to $80.00 in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. restated a “hold” rating and issued a $79.00 price target on shares of Novocure in a research report on Monday, November 4th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $79.33.

NVCR traded up $0.37 during trading on Wednesday, reaching $81.18. The company had a trading volume of 497,600 shares, compared to its average volume of 722,500. The stock has a market cap of $7.87 billion, a P/E ratio of -117.65 and a beta of 2.34. The business has a 50 day simple moving average of $75.24 and a 200-day simple moving average of $70.06. Novocure Ltd has a 52 week low of $26.02 and a 52 week high of $98.70. The company has a quick ratio of 4.76, a current ratio of 5.06 and a debt-to-equity ratio of 0.84.

Novocure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, October 31st. The medical equipment provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.07. Novocure had a negative return on equity of 18.45% and a negative net margin of 8.43%. The company had revenue of $92.06 million during the quarter, compared to the consensus estimate of $87.12 million. During the same period last year, the company earned ($0.13) earnings per share. Novocure’s revenue was up 42.2% on a year-over-year basis. As a group, equities research analysts expect that Novocure Ltd will post -0.13 EPS for the current fiscal year.

Novocure Profile

Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.

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Institutional Ownership by Quarter for Novocure (NASDAQ:NVCR)

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