Connor Clark & Lunn Investment Management Ltd. Has $13.05 Million Holdings in NovoCure Limited (NASDAQ:NVCR)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of NovoCure Limited (NASDAQ:NVCR) by 2.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 437,772 shares of the medical equipment provider’s stock after acquiring an additional 11,509 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in NovoCure were worth $13,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. increased its stake in shares of NovoCure by 222.6% during the third quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock worth $2,904,000 after purchasing an additional 124,793 shares during the period. Intech Investment Management LLC bought a new position in shares of NovoCure during the third quarter worth approximately $346,000. Geode Capital Management LLC increased its stake in shares of NovoCure by 1.3% during the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after purchasing an additional 29,871 shares during the period. Principal Financial Group Inc. bought a new position in shares of NovoCure during the fourth quarter worth approximately $272,000. Finally, FMR LLC increased its stake in shares of NovoCure by 0.6% during the third quarter. FMR LLC now owns 16,232,008 shares of the medical equipment provider’s stock worth $253,706,000 after purchasing an additional 90,422 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. StockNews.com lowered NovoCure from a “hold” rating to a “sell” rating in a research note on Monday, March 3rd. HC Wainwright reiterated a “buy” rating and set a $38.00 target price on shares of NovoCure in a research note on Tuesday, January 14th. Piper Sandler increased their target price on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Wedbush reissued a “neutral” rating and set a $29.00 price target on shares of NovoCure in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $32.67.

NovoCure Trading Down 2.8 %

Shares of NASDAQ:NVCR opened at $19.49 on Friday. The company has a market capitalization of $2.14 billion, a P/E ratio of -13.92 and a beta of 0.63. NovoCure Limited has a 1 year low of $11.70 and a 1 year 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. The business’s 50 day simple moving average is $23.41 and its 200 day simple moving average is $21.54.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). The business had revenue of $161.27 million during the quarter, compared to analyst estimates of $161.30 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. On average, research analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal 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.