Stock Traders Purchase Large Volume of Call Options on NovoCure (NASDAQ:NVCR)

NovoCure Limited (NASDAQ:NVCR) was the recipient of some unusual options trading activity on Monday. Traders acquired 4,528 call options on the company. This is an increase of 252% compared to the average daily volume of 1,285 call options.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NVCR. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $18.00 to $30.00 in a research report on Monday. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of NovoCure in a report on Thursday, November 21st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.17.

Hedge Funds Weigh In On NovoCure

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC purchased a new position in shares of NovoCure in the 1st quarter valued at about $695,000. Federated Hermes Inc. raised its stake in shares of NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after buying an additional 40,870 shares during the period. Bank of New York Mellon Corp lifted its position in shares of NovoCure by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after buying an additional 152,185 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in NovoCure by 171.9% during the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after purchasing an additional 480,600 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in NovoCure by 234.2% during the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after buying an additional 302,351 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Stock Up 30.8 %

Shares of NVCR traded up $6.18 during trading hours on Monday, hitting $26.22. The company had a trading volume of 4,077,086 shares, compared to its average volume of 1,283,710. NovoCure has a one year low of $11.66 and a one year high of $28.45. The company’s fifty day moving average price is $16.65 and its two-hundred day moving average price is $18.39. The company has a market capitalization of $2.84 billion, a PE ratio of -19.54 and a beta of 0.71. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. The business had revenue of $155.10 million during 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.46) earnings per share. As a group, equities analysts forecast that NovoCure will post -1.31 earnings per share for the current fiscal year.

NovoCure Company 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.