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

NovoCure Limited (NASDAQ:NVCR) saw some unusual options trading activity on Monday. Stock traders bought 4,528 call options on the company. This represents an increase of approximately 252% compared to the typical volume of 1,285 call options.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new position in shares of NovoCure during the second quarter worth $28,000. Signaturefd LLC boosted its holdings in NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in NovoCure during the second quarter worth about $34,000. Fifth Third Bancorp purchased a new stake in shares of NovoCure during the second quarter worth $43,000. Finally, Brooklyn Investment Group acquired a new position in NovoCure in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

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

NovoCure Trading Up 30.8 %

Shares of NVCR stock traded up $6.18 during trading on Monday, hitting $26.22. 4,077,086 shares of the stock traded hands, compared to its average volume of 1,283,710. The firm has a market capitalization of $2.84 billion, a P/E ratio of -19.54 and a beta of 0.71. NovoCure has a 52-week low of $11.66 and a 52-week high of $28.45. 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 firm’s fifty day moving average price is $16.65 and its 200-day moving average price is $18.39.

NovoCure (NASDAQ:NVCR) last announced 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 for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.46) EPS. As a group, research 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.