NovoCure (NASDAQ:NVCR) Stock Price Down 7.5% – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR) fell 7.5% during trading on Tuesday . The company traded as low as $17.06 and last traded at $16.60. 400,337 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,699,297 shares. The stock had previously closed at $17.94.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NVCR. Wall Street Zen lowered NovoCure from a “buy” rating to a “hold” rating in a research report on Saturday, August 29th. HC Wainwright set a $32.00 target price on NovoCure in a research report on Friday, July 24th. JPMorgan Chase & Co. began coverage on NovoCure in a research note on Monday, July 13th. They issued a “neutral” rating and a $17.00 target price for the company. Zacks Research upgraded shares of NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NovoCure in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.20.

NovoCure Stock Down 1.0%

The stock has a market cap of $1.80 billion, a PE ratio of -11.90 and a beta of 1.01. The company has a 50 day moving average price of $16.91 and a two-hundred day moving average price of $15.17. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.89 and a quick ratio of 2.70.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.20. NovoCure had a negative return on equity of 44.00% and a negative net margin of 21.25%.The company had revenue of $183.58 million during the quarter, compared to analysts’ expectations of $172.44 million. During the same quarter in the prior year, the business earned ($0.36) earnings per share. NovoCure’s revenue for the quarter was up 15.6% compared to the same quarter last year. Analysts expect that NovoCure Limited will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NVCR. Empowered Funds LLC bought a new position in NovoCure in the 4th quarter valued at $33,000. First Bancorp Inc ME purchased a new position in shares of NovoCure during the second quarter valued at $38,000. Allworth Financial LP raised its holdings in shares of NovoCure by 182.0% in the second quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 1,756 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of NovoCure in the 4th quarter worth approximately $49,000. Finally, Larson Financial Group LLC boosted its position in NovoCure by 662.1% during the 3rd quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock valued at $53,000 after acquiring an additional 3,562 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.