Key Points
- NovoCure CEO Frank Leonard sold 34,273 shares on June 4 at an average price of $17.93, totaling about $614,515. The company said the sale was to cover tax withholding tied to vested equity awards.
- The sale reduced Leonard’s ownership by 6.94%, leaving him with 459,520 shares valued at roughly $8.24 million after the transaction.
- NovoCure recently reported a narrower-than-expected loss but beat revenue estimates, with Q1 EPS of -$0.62 versus a -$0.51 estimate and revenue of $174.06 million. The stock was down 4.6% and analysts currently rate it a consensus Hold.
NovoCure Limited (NASDAQ:NVCR - Get Free Report) CEO Frank Leonard sold 34,273 shares of NovoCure stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $17.93, for a total transaction of $614,514.89. Following the sale, the chief executive officer directly owned 459,520 shares in the company, valued at $8,239,193.60. This trade represents a 6.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
NovoCure Trading Down 4.6%
Shares of NovoCure stock opened at $17.16 on Friday. The firm has a market capitalization of $1.99 billion, a PE ratio of -11.22 and a beta of 0.93. The company has a current ratio of 2.90, a quick ratio of 2.70 and a debt-to-equity ratio of 0.71. The firm's 50 day moving average is $14.40 and its 200 day moving average is $13.22. NovoCure Limited has a 1 year low of $9.82 and a 1 year high of $19.25.
NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly 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). The company had revenue of $174.06 million for the quarter, compared to the consensus estimate of $167.77 million. NovoCure had a negative net margin of 25.66% and a negative return on equity of 50.82%. The company's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.31) earnings per share. Equities research analysts forecast that NovoCure Limited will post -1.55 earnings per share for the current fiscal year.
Institutional Investors Weigh In On NovoCure
Institutional investors have recently added to or reduced their stakes in the business. Amundi boosted its stake in shares of NovoCure by 19.9% in the 1st quarter. Amundi now owns 47,583 shares of the medical equipment provider's stock valued at $519,000 after purchasing an additional 7,907 shares during the last quarter. California State Teachers Retirement System raised its holdings in NovoCure by 43.6% during the first quarter. California State Teachers Retirement System now owns 142,561 shares of the medical equipment provider's stock worth $1,554,000 after buying an additional 43,257 shares during the last quarter. Eversept Partners LP raised its holdings in NovoCure by 11.5% during the first quarter. Eversept Partners LP now owns 134,917 shares of the medical equipment provider's stock worth $1,471,000 after buying an additional 13,939 shares during the last quarter. Quantinno Capital Management LP raised its holdings in NovoCure by 23.7% during the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider's stock worth $27,112,000 after buying an additional 477,128 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in NovoCure by 11.8% during the first quarter. Renaissance Technologies LLC now owns 1,551,554 shares of the medical equipment provider's stock worth $16,912,000 after buying an additional 163,800 shares during the last quarter. 84.61% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on NVCR shares. Wells Fargo & Company lifted their price target on shares of NovoCure from $13.50 to $17.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Wedbush reaffirmed a "neutral" rating and set a $18.00 price target on shares of NovoCure in a report on Thursday, April 16th. Evercore reaffirmed an "outperform" rating on shares of NovoCure in a report on Friday, May 1st. Weiss Ratings raised shares of NovoCure from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday. Finally, HC Wainwright boosted their target price on shares of NovoCure from $47.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, NovoCure currently has a consensus rating of "Hold" and a consensus target price of $27.29.
View Our Latest Stock Report on NovoCure
NovoCure Company Profile
(
Get Free Report)
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.
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