NovoCure (NASDAQ:NVCR) Trading Down 4.5% – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s stock price traded down 4.5% during mid-day trading on Thursday . The company traded as low as $16.90 and last traded at $17.06. 413,634 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 1,319,420 shares. The stock had previously closed at $17.87.

Analysts Set New Price Targets

NVCR has been the subject of a number of research analyst reports. HC Wainwright raised shares of NovoCure from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $24.00 to $30.00 in a research report on Wednesday. Wells Fargo & Company cut their price objective on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Wedbush reaffirmed an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Finally, Evercore ISI cut their price target on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Down 6.3 %

The firm has a 50 day moving average of $17.14 and a 200-day moving average of $17.71. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. The stock has a market capitalization of $1.80 billion, a P/E ratio of -9.30 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The business had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. NovoCure’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.54) earnings per share. On average, equities research analysts expect that NovoCure Limited will post -1.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC raised its position in NovoCure by 20.6% in the third quarter. Exchange Traded Concepts LLC now owns 48,427 shares of the medical equipment provider’s stock worth $757,000 after purchasing an additional 8,272 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of NovoCure by 17.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 34,223 shares of the medical equipment provider’s stock valued at $535,000 after purchasing an additional 5,000 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NovoCure in the 2nd quarter worth approximately $34,000. Scientech Research LLC bought a new position in shares of NovoCure during the 2nd quarter worth approximately $645,000. Finally, The Manufacturers Life Insurance Company boosted its stake in NovoCure by 25.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 187,772 shares of the medical equipment provider’s stock valued at $3,217,000 after buying an additional 37,951 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.