NovoCure (NASDAQ:NVCR) Trading Down 7.1% – What’s Next?

NovoCure Limited (NASDAQ:NVCR) shares traded down 7.1% during mid-day trading on Wednesday . The stock traded as low as $15.12 and last traded at $15.69. 177,560 shares traded hands during trading, a decline of 86% from the average session volume of 1,306,685 shares. The stock had previously closed at $16.89.

Analysts Set New Price Targets

NVCR has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Evercore ISI reduced their target price on NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 1st. Wedbush reiterated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a research note on Thursday, July 25th. Finally, HC Wainwright upgraded NovoCure from a “neutral” rating to a “buy” rating and increased their target price for the stock from $24.00 to $30.00 in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Performance

The business has a 50-day moving average of $16.84 and a two-hundred day moving average of $17.88. 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 company has a market cap of $1.86 billion, a P/E ratio of -8.73 and a beta of 0.70.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new stake in shares of NovoCure in the 2nd quarter worth $28,000. Signaturefd LLC boosted its holdings in NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in NovoCure in the second quarter worth about $34,000. Fifth Third Bancorp acquired a new stake in NovoCure in the second quarter worth about $43,000. Finally, Nisa Investment Advisors LLC acquired a new stake in NovoCure in the second quarter worth about $48,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

About NovoCure

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.