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

Bridgewater Associates LP reduced its holdings in shares of NovoCure Limited (NASDAQ:NVCR - Free Report) by 71.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,119 shares of the medical equipment provider's stock after selling 28,264 shares during the period. Bridgewater Associates LP's holdings in NovoCure were worth $331,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NVCR. Summit Investment Advisors Inc. grew its holdings in shares of NovoCure by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,141 shares of the medical equipment provider's stock valued at $332,000 after buying an additional 708 shares during the last quarter. Blue Trust Inc. lifted its position in NovoCure by 70.7% in the 4th quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider's stock valued at $56,000 after acquiring an additional 781 shares in the last quarter. Versant Capital Management Inc boosted its stake in NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider's stock valued at $100,000 after purchasing an additional 880 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in shares of NovoCure by 189.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider's stock valued at $55,000 after purchasing an additional 1,213 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of NovoCure by 57.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,321 shares of the medical equipment provider's stock worth $129,000 after acquiring an additional 1,575 shares during the period. 84.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NVCR has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their price target on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Wedbush reduced their target price on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. HC Wainwright reaffirmed a "buy" rating and set a $38.00 price target on shares of NovoCure in a report on Tuesday, January 14th. StockNews.com upgraded shares of NovoCure from a "sell" rating to a "hold" rating in a research report on Thursday, April 17th. Finally, Piper Sandler decreased their price objective on shares of NovoCure from $42.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.83.

NovoCure Price Performance

Shares of NVCR stock traded up $1.19 during mid-day trading on Wednesday, hitting $17.70. The company had a trading volume of 1,277,682 shares, compared to its average volume of 1,182,782. The company has a market capitalization of $1.95 billion, a P/E ratio of -12.64 and a beta of 0.65. The stock's 50 day moving average price is $18.73 and its 200-day moving average price is $21.60. NovoCure Limited has a 52-week low of $11.70 and a 52-week high of $34.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The medical equipment provider reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.27). NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company had revenue of $161.27 million for the quarter, compared to the consensus estimate of $161.30 million. Equities research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current year.

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.