Geode Capital Management LLC Has $37.60 Million Holdings in NovoCure Limited (NASDAQ:NVCR)

Geode Capital Management LLC increased its stake in NovoCure Limited (NASDAQ:NVCR - Free Report) by 1.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,405,257 shares of the medical equipment provider's stock after acquiring an additional 29,871 shares during the quarter. Geode Capital Management LLC owned approximately 2.22% of NovoCure worth $37,601,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Lombard Odier Asset Management USA Corp grew its position in NovoCure by 5.4% during the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider's stock worth $186,000 after purchasing an additional 557 shares in the last quarter. Arizona State Retirement System grew its position in NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider's stock valued at $488,000 after purchasing an additional 581 shares in the last quarter. Signaturefd LLC increased its stake in NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider's stock valued at $28,000 after buying an additional 627 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in NovoCure by 21.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider's stock worth $61,000 after buying an additional 701 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its stake in shares of NovoCure by 58.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider's stock valued at $57,000 after buying an additional 1,354 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Stock Up 1.6 %

Shares of NASDAQ NVCR traded up $0.48 during mid-day trading on Wednesday, reaching $30.97. 312,354 shares of the company traded hands, compared to its average volume of 1,330,177. The company's fifty day moving average is $21.67 and its two-hundred day moving average is $19.31. NovoCure Limited has a fifty-two week low of $11.70 and a fifty-two week high of $34.13. 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 cap of $3.35 billion, a PE ratio of -22.12 and a beta of 0.75.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating analysts' consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.46) earnings per share. On average, analysts expect that NovoCure Limited will post -1.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Evercore ISI raised shares of NovoCure from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $18.00 to $30.00 in a research note on Monday, December 2nd. Piper Sandler upped their target price on NovoCure from $28.00 to $42.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Wedbush reiterated a "neutral" rating and set a $29.00 price target (up from $24.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, HC Wainwright restated a "buy" rating and issued a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $32.67.

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.