NovoCure (NASDAQ:NVCR) Shares Gap Down After Earnings Miss

Shares of NovoCure Limited (NASDAQ:NVCR) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $21.96, but opened at $20.12. NovoCure shares last traded at $19.94, with a volume of 314,591 shares changing hands.

The medical equipment provider reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NVCR. Piper Sandler lifted their target price on shares of NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. HC Wainwright reiterated a “buy” rating and issued a $38.00 price target on shares of NovoCure in a research note on Tuesday, January 14th. Wedbush reiterated a “neutral” rating and issued a $29.00 price target on shares of NovoCure in a research note on Monday, January 13th. Finally, Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $18.00 to $30.00 in a research note on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Institutional Trading of NovoCure

Hedge funds have recently made changes to their positions in the business. GeoWealth Management LLC purchased a new stake in shares of NovoCure during the 4th quarter valued at about $27,000. Lindbrook Capital LLC raised its position in shares of NovoCure by 189.2% during the 4th quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock valued at $55,000 after buying an additional 1,213 shares in the last quarter. Blue Trust Inc. raised its position in shares of NovoCure by 70.7% during the 4th quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock valued at $56,000 after buying an additional 781 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of NovoCure during the 4th quarter valued at about $68,000. Finally, SBI Securities Co. Ltd. bought a new position in NovoCure during the 4th quarter valued at about $70,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Price Performance

The company has a market capitalization of $2.21 billion, a P/E ratio of -14.57 and a beta of 0.62. The firm’s fifty day moving average is $26.03 and its 200 day moving average is $21.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

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.