Bridgewater Associates LP Lowers Stock Position in NovoCure Limited (NASDAQ:NVCR)

Bridgewater Associates LP cut its holdings in NovoCure Limited (NASDAQ:NVCR) by 51.5% during the third quarter, Holdings Channel reports. The institutional investor owned 39,383 shares of the medical equipment provider’s stock after selling 41,898 shares during the quarter. Bridgewater Associates LP’s holdings in NovoCure were worth $616,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nordwand Advisors LLC increased its stake in shares of NovoCure by 100.0% during the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after purchasing an additional 1,514,824 shares in the last quarter. Renaissance Technologies LLC grew its stake 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 buying an additional 480,600 shares during the last quarter. Panagora Asset Management Inc. increased its position in NovoCure by 309.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock valued at $7,020,000 after buying an additional 309,805 shares in the last quarter. AQR Capital Management LLC boosted its holdings in NovoCure by 234.2% in the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after acquiring an additional 302,351 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of NovoCure by 56.8% in the second 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 during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NVCR. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target (up previously from $30.00) on shares of NovoCure in a research report on Monday. Wedbush reaffirmed a “neutral” rating and issued a $29.00 target price (up from $24.00) on shares of NovoCure in a report on Monday. Finally, Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the company from $18.00 to $30.00 in a report on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, NovoCure presently has an average rating of “Moderate Buy” and an average price target of $30.33.

NovoCure Price Performance

NVCR opened at $29.85 on Tuesday. The company’s 50-day simple moving average is $16.91 and its two-hundred day simple moving average is $18.45. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The stock has a market capitalization of $3.23 billion, a P/E ratio of -21.32 and a beta of 0.71. NovoCure Limited has a 52-week low of $11.66 and a 52-week high of $31.57.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million for 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%. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.46) earnings per share. As a group, analysts predict that NovoCure Limited will post -1.31 EPS 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.