PDT Partners LLC Trims Holdings in NovoCure Limited (NASDAQ:NVCR)

PDT Partners LLC reduced its stake in shares of NovoCure Limited (NASDAQ:NVCR) by 28.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,232 shares of the medical equipment provider’s stock after selling 31,851 shares during the quarter. PDT Partners LLC owned approximately 0.07% of NovoCure worth $2,391,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GeoWealth Management LLC bought a new stake in NovoCure during the 4th quarter valued at about $27,000. Lindbrook Capital LLC increased its position in shares of NovoCure by 189.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock worth $55,000 after acquiring an additional 1,213 shares during the period. Blue Trust Inc. grew its stake in NovoCure by 70.7% in the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 781 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in NovoCure during the 4th quarter worth $70,000. Finally, Versant Capital Management Inc raised its position in NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after purchasing an additional 880 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NVCR shares. HC Wainwright restated a “buy” rating and set a $38.00 price target on shares of NovoCure in a research note on Tuesday, January 14th. Piper Sandler cut their target price on shares of NovoCure from $42.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. StockNews.com cut shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, April 25th. JPMorgan Chase & Co. cut their price objective on shares of NovoCure from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Wedbush lowered their target price on NovoCure from $29.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $32.83.

NovoCure Price Performance

Shares of NVCR opened at $18.29 on Wednesday. The company has a 50 day moving average of $18.34 and a two-hundred day moving average of $21.72. The company has a market cap of $2.04 billion, a price-to-earnings ratio of -13.06 and a beta of 0.65. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. NovoCure Limited has a twelve month low of $12.17 and a twelve month high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.16. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $154.99 million during the quarter, compared to analysts’ expectations of $147.57 million. During the same quarter last year, the firm earned ($0.36) EPS. The business’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, analysts predict that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

NovoCure Company Profile

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.