NovoCure (NASDAQ:NVCR) Trading Down 4.7% – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s share price traded down 4.7% on Tuesday . The company traded as low as $17.90 and last traded at $17.90. 45,194 shares traded hands during trading, a decline of 96% from the average session volume of 1,273,558 shares. The stock had previously closed at $18.78.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of NovoCure in a report on Thursday, November 21st. Evercore ISI decreased their price target on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.17.

NovoCure Stock Performance

The company has a market cap of $1.93 billion, a PE ratio of -12.69 and a beta of 0.71. The business’s 50-day moving average is $16.52 and its 200 day moving average is $18.38. 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 (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.46) EPS. On average, equities research analysts predict that NovoCure Limited will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Hedge funds have recently modified their holdings of the company. Ridgewood Investments LLC purchased a new position in shares of NovoCure in the second quarter valued at about $28,000. Signaturefd LLC increased its position in shares of NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NovoCure in the second quarter valued at about $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the 2nd quarter valued at about $43,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of NovoCure during the 2nd quarter valued at about $48,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.