NovoCure (NASDAQ:NVCR) Shares Down 4.1% – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s stock price was down 4.1% on Tuesday . The stock traded as low as $19.03 and last traded at $18.98. Approximately 86,708 shares traded hands during trading, a decline of 93% from the average daily volume of 1,243,584 shares. The stock had previously closed at $19.78.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NVCR shares. StockNews.com upgraded shares of NovoCure from a “sell” rating to a “hold” rating in a research note on Tuesday, March 18th. HC Wainwright reiterated a “buy” rating and issued a $38.00 target price on shares of NovoCure in a research note on Tuesday, January 14th. Wedbush reissued a “neutral” rating and set a $29.00 price target on shares of NovoCure in a research report on Monday, January 13th. Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Finally, Piper Sandler increased their target price on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, NovoCure currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.80.

NovoCure Price Performance

The stock has a market capitalization of $2.06 billion, a PE ratio of -13.41 and a beta of 0.63. The firm’s fifty day moving average price is $22.32 and its two-hundred day moving average price is $21.62. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). The company had revenue of $161.27 million for the quarter, compared to analysts’ expectations of $161.30 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. On average, equities analysts predict that NovoCure Limited will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

A number of large investors have recently made changes to their positions in NVCR. Summit Investment Advisors Inc. lifted its position in shares of NovoCure by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,141 shares of the medical equipment provider’s stock valued at $332,000 after acquiring an additional 708 shares in the last quarter. Blue Trust Inc. grew its position in shares of NovoCure by 70.7% during the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 781 shares in the last quarter. Versant Capital Management Inc raised its stake in NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after purchasing an additional 880 shares during the period. GeoWealth Management LLC purchased a new position in NovoCure in the 4th quarter worth approximately $27,000. Finally, Lindbrook Capital LLC lifted its holdings in NovoCure by 189.2% in the 4th quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock worth $55,000 after purchasing an additional 1,213 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

About NovoCure

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.