NovoCure (NASDAQ:NVCR) Stock Falls 5.4% – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR) traded down 5.4% during mid-day trading on Friday. The stock traded as low as $15.07 and last traded at $15.06. 954,821 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 1,649,382 shares. The stock had previously closed at $15.92.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NVCR shares. Zacks Research upgraded NovoCure from a “strong sell” rating to a “hold” rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NovoCure in a research note on Thursday, August 27th. Wall Street Zen cut shares of NovoCure from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Wedbush raised their target price on shares of NovoCure from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, HC Wainwright set a $32.00 target price on shares of NovoCure in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.20.

NovoCure Stock Performance

The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58. The firm has a market cap of $1.75 billion, a P/E ratio of -11.58 and a beta of 0.99. The business has a fifty day simple moving average of $16.71 and a 200-day simple moving average of $15.54.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.20. The firm had revenue of $183.58 million for the quarter, compared to the consensus estimate of $172.44 million. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.36) EPS. On average, sell-side analysts predict that NovoCure Limited will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Institutional investors and hedge funds have recently made changes to their positions in the business. Quantinno Capital Management LP grew its stake in shares of NovoCure by 23.7% in the 1st quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock worth $27,112,000 after buying an additional 477,128 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in NovoCure by 11.8% in the first quarter. Renaissance Technologies LLC now owns 1,551,554 shares of the medical equipment provider’s stock worth $16,912,000 after acquiring an additional 163,800 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of NovoCure by 346.7% in the first quarter. SG Americas Securities LLC now owns 1,245,541 shares of the medical equipment provider’s stock worth $13,576,000 after acquiring an additional 966,735 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of NovoCure by 27.6% in the first quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock worth $10,462,000 after acquiring an additional 207,913 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of NovoCure by 65.6% during the fourth quarter. Legal & General Group Plc now owns 406,664 shares of the medical equipment provider’s stock valued at $5,258,000 after acquiring an additional 161,095 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

NovoCure Ltd. (NASDAQ: NVCR) is an oncology company focused on developing and commercializing Tumor Treating Fields (TTFields), a non-invasive cancer treatment that uses low-intensity alternating electric fields to disrupt the division of tumor cells. The company’s technology is designed to be delivered through wearable systems that generate fields at specific frequencies and intensities.

NovoCure’s primary products include Optune Gio, marketed in the United States for certain adults with glioblastoma, and Optune Lua, approved in the United States for use with standard chemotherapy in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.