Insider Selling: NovoCure (NASDAQ:NVCR) Director Sells $46,442.65 in Stock

NovoCure Limited (NASDAQ:NVCR) Director Gabriel Leung sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the transaction, the director directly owned 20,465 shares in the company, valued at $322,733.05. The trade was a 12.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

NovoCure Trading Down 4.6%

Shares of NASDAQ:NVCR opened at $17.16 on Friday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -11.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.70 and a current ratio of 2.90. The stock’s 50-day simple moving average is $14.40 and its two-hundred day simple moving average is $13.22. NovoCure Limited has a 52-week low of $9.82 and a 52-week high of $19.25.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.11). NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The firm had revenue of $174.06 million during the quarter, compared to analysts’ expectations of $167.77 million. During the same period in the previous year, the business posted ($0.31) earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. Analysts expect that NovoCure Limited will post -1.55 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Evercore reaffirmed an “outperform” rating on shares of NovoCure in a research note on Friday, May 1st. Weiss Ratings raised NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Wells Fargo & Company raised their price objective on NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. HC Wainwright raised their price objective on NovoCure from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of NovoCure in a research note on Thursday, April 16th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.29.

Institutional Trading of NovoCure

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in NovoCure by 3.0% during the 3rd quarter. Arizona State Retirement System now owns 31,313 shares of the medical equipment provider’s stock valued at $405,000 after purchasing an additional 916 shares during the period. Larson Financial Group LLC raised its stake in NovoCure by 25.2% during the 4th quarter. Larson Financial Group LLC now owns 5,133 shares of the medical equipment provider’s stock valued at $66,000 after purchasing an additional 1,033 shares during the period. Alliancebernstein L.P. raised its stake in NovoCure by 0.8% during the 3rd quarter. Alliancebernstein L.P. now owns 137,106 shares of the medical equipment provider’s stock valued at $1,771,000 after purchasing an additional 1,076 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in NovoCure by 25.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock valued at $70,000 after purchasing an additional 1,120 shares during the period. Finally, Strs Ohio raised its stake in NovoCure by 2.2% during the 1st quarter. Strs Ohio now owns 59,400 shares of the medical equipment provider’s stock valued at $647,000 after purchasing an additional 1,300 shares during the period. Institutional investors own 84.61% of the company’s stock.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.