Peregrine Capital Management LLC Has $11.23 Million Stake in Novocure Ltd (NASDAQ:NVCR)
Peregrine Capital Management LLC boosted its holdings in shares of Novocure Ltd (NASDAQ:NVCR) by 25.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 189,404 shares of the medical equipment provider’s stock after buying an additional 38,715 shares during the quarter. Peregrine Capital Management LLC owned about 0.19% of Novocure worth $11,232,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in NVCR. Capital International Investors boosted its holdings in Novocure by 85.1% during the first quarter. Capital International Investors now owns 2,555,725 shares of the medical equipment provider’s stock valued at $172,103,000 after acquiring an additional 1,175,050 shares during the period. Norges Bank bought a new stake in Novocure during the fourth quarter valued at about $65,536,000. RA Capital Management L.P. bought a new stake in Novocure during the first quarter valued at about $17,448,000. Redwood Investments LLC bought a new stake in Novocure during the first quarter valued at about $12,808,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Novocure during the first quarter valued at about $12,054,000. Institutional investors own 69.14% of the company’s stock.
NVCR traded down $0.38 during midday trading on Friday, reaching $75.79. 1,090,909 shares of the company’s stock were exchanged, compared to its average volume of 773,690. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 631.64 and a beta of 1.54. The business has a 50-day simple moving average of $62.85 and a two-hundred day simple moving average of $70.96. The company has a quick ratio of 5.22, a current ratio of 5.49 and a debt-to-equity ratio of 0.67. Novocure Ltd has a one year low of $53.40 and a one year high of $98.84.
In related news, COO Michael J. Ambrogi sold 42,972 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $67.02, for a total value of $2,879,983.44. Following the completion of the sale, the chief operating officer now owns 221,167 shares of the company’s stock, valued at $14,822,612.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Pritesh Shah sold 1,184 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $60.08, for a total transaction of $71,134.72. Following the completion of the sale, the insider now directly owns 103,026 shares of the company’s stock, valued at approximately $6,189,802.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 116,480 shares of company stock valued at $7,607,812. Company insiders own 5.07% of the company’s stock.
Several equities research analysts recently weighed in on NVCR shares. Evercore ISI cut shares of Novocure from an “in-line” rating to an “underperform” rating in a research note on Sunday, April 19th. SunTrust Banks reduced their target price on shares of Novocure from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Wedbush reduced their target price on shares of Novocure from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Piper Sandler increased their target price on shares of Novocure from $85.00 to $89.00 in a research note on Thursday. Finally, Oppenheimer reiterated a “hold” rating on shares of Novocure in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $78.67.
Novocure Company Profile
Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.
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