EUR/USD likely to find a peak near 1.25: UBS
In a recent transaction, NovoCure Ltd’s (NASDAQ:NVCR) Chief Executive Officer Ashley Cordova sold 2,053 ordinary shares on March 3, according to a filing with the Securities and Exchange Commission. The company, currently valued at $2 billion, has seen its stock decline over 38% year-to-date, with shares trading near $18.19. The shares were sold at a weighted average price of $18.5363, resulting in a total transaction value of $38,055. This sale was conducted to cover tax withholding obligations associated with the vesting of Restricted Stock Units, as mandated by the company’s equity incentive plans. Following this transaction, Cordova retains ownership of 204,005 shares in the company. According to InvestingPro analysis, the stock is currently trading within its 52-week range of $11.70 to $34.13, with recent technical indicators suggesting oversold conditions. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Novocure reported its fourth-quarter earnings, which did not meet analyst expectations, resulting in a wider-than-expected loss. The company announced a Q4 loss of $0.61 per share, missing the analyst estimate of $0.36 per share by $0.25. Despite this, Novocure’s revenue for the quarter was $161.26 million, surpassing the consensus estimate of $153.04 million and reflecting a 21% increase year-over-year. For the full year 2024, the company reported total net revenues of $605.2 million, marking a 19% increase from the previous year. Novocure attributed this growth to the successful launch of Optune Gio for glioblastoma in France and improved approval rates in the U.S.
In addition, the company highlighted the FDA approval of Optune Lua for treating metastatic non-small cell lung cancer, with its commercial rollout underway in the U.S. Novocure also announced that its Phase 3 PANOVA-3 trial met its primary endpoint, showing a statistically significant improvement in overall survival for patients with unresectable, locally advanced pancreatic cancer. As of the end of 2024, Novocure reported having 4,126 active patients on its Tumor Treating Fields therapy globally. The company ended the year with $959.9 million in cash, cash equivalents, and short-term investments. Looking ahead, Novocure anticipates growth in its GBM business and expects gross margins to be impacted by product enhancements and new launches.
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