Traders Buy Large Volume of NovoCure Call Options (NASDAQ:NVCR)

Posted by Defense World Staff on Jun 7th, 2023

NovoCure Limited (NASDAQ:NVCR – Get Rating) was the recipient of some unusual options trading on Tuesday. Investors bought 5,873 call options on the company. This is an increase of approximately 408% compared to the average daily volume of 1,157 call options.

Institutional Trading of NovoCure

Hedge funds have recently made changes to their positions in the company. McElhenny Sheffield Capital Management LLC bought a new stake in shares of NovoCure during the 4th quarter valued at $32,000. Whittier Trust Co. bought a new position in NovoCure in the 4th quarter worth about $54,000. Lazard Asset Management LLC increased its stake in NovoCure by 12,975.0% in the 3rd quarter. Lazard Asset Management LLC now owns 1,046 shares of the medical equipment provider’s stock worth $79,000 after acquiring an additional 1,038 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in NovoCure by 34.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,429 shares of the medical equipment provider’s stock worth $86,000 after acquiring an additional 363 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in NovoCure by 79.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,470 shares of the medical equipment provider’s stock worth $88,000 after acquiring an additional 650 shares during the last quarter. 78.42% of the stock is currently owned by institutional investors.

NovoCure Stock Down 43.0 %

NVCR stock opened at $47.00 on Wednesday. The stock’s fifty day simple moving average is $68.49 and its two-hundred day simple moving average is $75.42. The company has a current ratio of 7.32, a quick ratio of 7.11 and a debt-to-equity ratio of 1.31. NovoCure has a 1-year low of $46.06 and a 1-year high of $120.03. The stock has a market cap of $4.99 billion, a P/E ratio of -35.07 and a beta of 0.80.

NovoCure (NASDAQ:NVCR – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The medical equipment provider reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.14). The business had revenue of $122.20 million during the quarter, compared to analysts’ expectations of $127.93 million. NovoCure had a negative return on equity of 32.03% and a negative net margin of 26.98%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.04) EPS. Analysts expect that NovoCure will post -1.92 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NVCR shares. Wells Fargo & Company raised NovoCure from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $104.00 in a research note on Tuesday, May 16th. StockNews.com initiated coverage on NovoCure in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Wedbush raised NovoCure from an “underperform” rating to a “neutral” rating in a research report on Tuesday. HC Wainwright cut their target price on NovoCure from $130.00 to $115.00 in a research report on Thursday, May 4th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $50.00 target price (down previously from $99.00) on shares of NovoCure in a research report on Friday, March 17th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $84.33.

About NovoCure

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NovoCure Ltd. is an oncology company which engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. Its platform is called the Tumor Treating Field which uses electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.

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