NovoCure (NASDAQ:NVCR) Stock Price Down 8.2%

NovoCure Limited (NASDAQ:NVCRGet Free Report) was down 8.2% during trading on Monday . The company traded as low as $19.40 and last traded at $19.59. Approximately 363,804 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,320,647 shares. The stock had previously closed at $21.34.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NVCR shares. Wells Fargo & Company cut their target price on NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 3rd. Piper Sandler reissued an “overweight” rating and issued a $28.00 target price (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. HC Wainwright reissued a “neutral” rating and issued a $22.00 target price on shares of NovoCure in a research note on Tuesday, June 4th. Evercore ISI increased their target price on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. Finally, Wedbush reissued an “outperform” rating and issued a $24.00 target price (up from $21.00) on shares of NovoCure in a research note on Monday, June 3rd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.25.

Get Our Latest Stock Report on NovoCure

NovoCure Stock Performance

The business has a fifty day simple moving average of $17.84 and a two-hundred day simple moving average of $15.60. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59. The company has a market cap of $2.09 billion, a P/E ratio of -11.17 and a beta of 0.78.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NVCR. GAMMA Investing LLC lifted its holdings in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 2,118 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of NovoCure in the third quarter worth about $74,000. Daiwa Securities Group Inc. raised its stake in shares of NovoCure by 1,113.7% in the first 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 period. Acadian Asset Management LLC bought a new position in shares of NovoCure in the third quarter worth about $85,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of NovoCure by 36.0% in the third 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 period. 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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