Hohimer Wealth Management LLC has taken a notable step by acquiring a new position in NovoCure Limited (NASDAQ: NVCR) during the third quarter of 2023. The investment firm purchased approximately 76,600 shares of the medical equipment provider, valued at around $990,000. At the close of the most recent reporting period, Hohimer Wealth Management held about 0.07% of NovoCure’s total shares.
This acquisition is part of a broader trend, as several institutional investors have recently engaged in buying and selling shares of NovoCure. For instance, SJS Investment Consulting Inc. invested approximately $41,000 in the company during the third quarter. Meanwhile, Acadian Asset Management LLC and Headlands Technologies LLC made new investments earlier in the year, valued at around $87,000 and $88,000 respectively. AdvisorNet Financial Inc. notably increased its stake in NovoCure by 137.7% during the third quarter, now owning 9,700 shares worth $125,000 after acquiring an additional 5,619 shares. Additionally, the State of Tennessee Department of Treasury acquired shares valued at approximately $129,000 in the second quarter. Overall, institutional investors and hedge funds own approximately 84.61% of NovoCure’s stock.
Recent Developments Affecting NovoCure
Recent news has influenced investor sentiment surrounding NovoCure. The company’s fourth-quarter earnings report revealed a loss of ($0.22) per share, significantly better than analysts’ expectations of ($0.41). Revenue reached $174.35 million, which is slightly below analysts’ estimates of $174.40 million. Despite these figures, NovoCure reported a negative net margin of approximately 20.79% and a return on equity of 38.82%.
Management has raised its revenue guidance for fiscal year 2026 to between $675 million and $705 million, surpassing consensus estimates of around $670 million. This optimistic outlook aligns with the company’s strategy to expand its market presence and enhance its commercial execution.
In a recent report, HC Wainwright raised its price target for NovoCure to $49 while maintaining a Buy rating, indicating strong potential for future growth. However, the analysts’ coverage remains mixed; Weiss Ratings reaffirmed a “sell (e+)” rating while Wedbush set a neutral rating with a price objective of $18.00. Currently, NovoCure holds an average rating of “Hold” with a target price of approximately $26.93, according to MarketBeat.com.
Overview of NovoCure’s Operations
Founded in 2000 and headquartered in Haifa, Israel, NovoCure specializes in developing innovative cancer therapies. The company is recognized for its pioneering work with Tumor Treating Fields (TTFields), a non-invasive treatment that utilizes low-intensity, alternating electric fields to disrupt cancer cell division. This approach aims to provide an alternative therapy option alongside traditional cancer treatments, particularly for challenging malignancies.
NovoCure operates a secondary facility in Portsmouth, New Hampshire, and is committed to advancing its treatment platforms to improve patient outcomes. As the firm moves forward, ongoing attention will be paid to its financial performance and strategic initiatives, particularly in light of its recent earnings report and the growing interest from institutional investors.
