Cibc World Markets Corp Makes New $297,000 Investment in NovoCure Limited (NASDAQ:NVCR)

Cibc World Markets Corp bought a new position in NovoCure Limited (NASDAQ:NVCR) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 9,966 shares of the medical equipment provider’s stock, valued at approximately $297,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in NovoCure in the third quarter worth about $45,000. Lindbrook Capital LLC raised its holdings in shares of NovoCure by 189.2% in the 4th quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock valued at $55,000 after purchasing an additional 1,213 shares in the last quarter. Blue Trust Inc. lifted its position in shares of NovoCure by 70.7% in the 4th 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 during the period. SBI Securities Co. Ltd. bought a new position in shares of NovoCure during the fourth quarter valued at approximately $70,000. Finally, Versant Capital Management Inc boosted its stake in shares of NovoCure by 35.8% during the fourth 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. Institutional investors own 84.61% of the company’s stock.

NovoCure Stock Performance

NVCR opened at $19.78 on Tuesday. The company has a market cap of $2.17 billion, a P/E ratio of -14.13 and a beta of 0.63. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $22.32 and its 200-day moving average price is $21.62. NovoCure Limited has a 52-week low of $11.70 and a 52-week high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). The company had revenue of $161.27 million during the quarter, compared to analysts’ expectations of $161.30 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. As a group, equities analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on NVCR. Wedbush restated a “neutral” rating and set a $29.00 target price on shares of NovoCure in a report on Monday, January 13th. HC Wainwright restated a “buy” rating and set a $38.00 price objective on shares of NovoCure in a research note on Tuesday, January 14th. Piper Sandler lifted their target price on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. StockNews.com raised shares of NovoCure from a “sell” rating to a “hold” rating in a research report on Tuesday, March 18th. Finally, Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.80.

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.