MetLife Investment Management LLC Has $1.15 Million Position in NovoCure Limited $NVCR

MetLife Investment Management LLC lessened its position in NovoCure Limited (NASDAQ:NVCR) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 64,226 shares of the medical equipment provider’s stock after selling 1,093 shares during the period. MetLife Investment Management LLC owned approximately 0.06% of NovoCure worth $1,145,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Algert Global LLC increased its stake in NovoCure by 41.1% in the first quarter. Algert Global LLC now owns 97,751 shares of the medical equipment provider’s stock valued at $1,742,000 after purchasing an additional 28,490 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of NovoCure during the first quarter worth $1,262,000. Russell Investments Group Ltd. increased its position in shares of NovoCure by 463.8% during the first quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider’s stock worth $116,000 after acquiring an additional 5,371 shares in the last quarter. Nuveen LLC bought a new stake in shares of NovoCure during the first quarter worth $12,363,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of NovoCure by 22.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 534,749 shares of the medical equipment provider’s stock worth $9,529,000 after acquiring an additional 96,977 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $34.00 price objective on shares of NovoCure in a research report on Friday, June 27th. LADENBURG THALM/SH SH assumed coverage on shares of NovoCure in a research report on Tuesday, July 8th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $14.50 price objective (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.79.

Insiders Place Their Bets

In other NovoCure news, CFO Christoph Brackmann acquired 20,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $11.59 per share, for a total transaction of $231,800.00. Following the purchase, the chief financial officer directly owned 141,150 shares of the company’s stock, valued at $1,635,928.50. This trade represents a 16.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.52% of the stock is owned by company insiders.

NovoCure Stock Performance

Shares of NVCR opened at $11.98 on Friday. The firm has a 50-day moving average of $13.84 and a 200-day moving average of $16.66. NovoCure Limited has a one year low of $10.87 and a one year high of $34.13. The company has a market cap of $1.34 billion, a PE ratio of -7.68 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.45 and a quick ratio of 1.39.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 24th. The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.03. The company had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. NovoCure had a negative net margin of 27.13% and a negative return on equity of 47.74%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.31) EPS. As a group, equities analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

NovoCure 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.