NovoCure Limited (NASDAQ:NVCR) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in NovoCure Limited (NASDAQ:NVCR) by 16.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 426,263 shares of the medical equipment provider’s stock after acquiring an additional 59,608 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.39% of NovoCure worth $6,662,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in NVCR. Price T Rowe Associates Inc. MD increased its holdings in shares of NovoCure by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock valued at $37,184,000 after purchasing an additional 125,715 shares in the last quarter. Tidal Investments LLC purchased a new position in NovoCure in the first quarter valued at about $695,000. Federated Hermes Inc. lifted its position in shares of NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after acquiring an additional 40,870 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of NovoCure by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after acquiring an additional 152,185 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after acquiring an additional 480,600 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company decreased their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Evercore ISI cut their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of NovoCure in a research note on Thursday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Price Performance

NovoCure stock opened at $17.73 on Friday. The firm’s 50-day moving average is $16.50 and its two-hundred day moving average is $18.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The stock has a market capitalization of $1.92 billion, a P/E ratio of -12.66 and a beta of 0.71. NovoCure Limited has a 12-month low of $11.29 and a 12-month high of $24.74.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.06. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. NovoCure’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.46) EPS. Equities analysts predict that NovoCure Limited will post -1.31 earnings per share for the current year.

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.