Should You Hold NovoCure Limited (NVCR)?
ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while energy and utility sectors detracted. Overall stock selection improved performance on a relative basis while sector allocation had a negative impact. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Small Cap Strategy highlighted stocks like NovoCure Limited (NASDAQ:NVCR) in the second quarter 2023 investor letter. Headquartered in Saint Helier, Jersey, NovoCure Limited (NASDAQ:NVCR) is an oncology company. On September 15, 2023, NovoCure Limited (NASDAQ:NVCR) stock closed at $19.30 per share. One-month return of NovoCure Limited (NASDAQ:NVCR) was -38.04%, and its shares lost 76.55% of their value over the last 52 weeks. NovoCure Limited (NASDAQ:NVCR) has a market capitalization of $2.058 billion.
ClearBridge Small Cap Strategy made the following comment about NovoCure Limited (NASDAQ:NVCR) in its Q2 2023 investor letter:
"The health care sector proved to be the main detractor from relative performance due to idiosyncratic factors impacting our portfolio holdings and our being underweight the sector as greater investor focus on long-term earnings growth helped to bolster many of the growth-oriented small cap health care names. For example, NovoCure Limited (NASDAQ:NVCR), an oncology company that makes devices for treating solid tumor cancers, was a detractor due to concerns about the commercial potential for the company’s Tumor Treating Fields in non-small-cell lung cancer. The data from the trial was positive but concerns were raised over the trial design and thus how effective the treatment may be. However, we remain investors and believe NovoCure will continue to grow in already approved indications as well as the potential for ongoing trials."
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NovoCure Limited (NASDAQ:NVCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held NovoCure Limited (NASDAQ:NVCR) at the end of second quarter which was 19 in the previous quarter.
We discussed NovoCure Limited (NASDAQ:NVCR) in another article and shared the list of worst performing healthcare stocks in 2023. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
