NovoCure (NASDAQ:NVCR) Trading Down 4%

NovoCure Limited (NASDAQ:NVCRGet Free Report)’s stock price dropped 4% on Thursday . The stock traded as low as $22.15 and last traded at $22.20. Approximately 85,195 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,341,023 shares. The stock had previously closed at $23.13.

Wall Street Analysts Forecast Growth

NVCR has been the topic of several recent analyst reports. HC Wainwright reiterated a “neutral” rating and issued a $22.00 price target on shares of NovoCure in a report on Tuesday. Wedbush reiterated an “outperform” rating and issued a $24.00 price target (up previously from $21.00) on shares of NovoCure in a report on Monday, June 3rd. Piper Sandler reiterated an “overweight” rating and issued a $28.00 price target (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company cut their price target on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. Finally, Evercore ISI raised their price objective on NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, NovoCure currently has an average rating of “Moderate Buy” and an average target price of $31.25.

Check Out Our Latest Analysis on NVCR

NovoCure Trading Down 2.9 %

The firm has a 50-day moving average price of $17.15 and a 200-day moving average price of $15.23. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.99 and a current ratio of 6.26. The stock has a market cap of $2.31 billion, a PE ratio of -11.88 and a beta of 0.78.

NovoCure (NASDAQ:NVCRGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.07. The firm had revenue of $138.50 million during the quarter, compared to analyst estimates of $131.44 million. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. NovoCure’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.50) EPS. As a group, equities analysts anticipate that NovoCure Limited will post -1.59 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in NovoCure by 278.0% in the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in NovoCure in the 3rd quarter worth about $74,000. Daiwa Securities Group Inc. raised its position in NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock worth $80,000 after buying an additional 4,700 shares during the last quarter. Acadian Asset Management LLC purchased a new position in NovoCure in the 3rd quarter worth about $85,000. Finally, PNC Financial Services Group Inc. raised its position in NovoCure by 36.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock worth $89,000 after buying an additional 1,461 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About NovoCure

(Get Free Report)

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.

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