NovoCure (NASDAQ:NVCR) Trading Down 6.1% – Should You Sell?

NovoCure Limited (NASDAQ:NVCR) shares were down 6.1% during mid-day trading on Wednesday . The stock traded as low as $28.54 and last traded at $28.66. Approximately 1,037,961 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 1,330,307 shares. The stock had previously closed at $30.51.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NVCR shares. Wedbush reaffirmed a “neutral” rating and issued a $29.00 price target (up from $24.00) on shares of NovoCure in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a report on Monday. Finally, Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their target price for the company from $18.00 to $30.00 in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, NovoCure has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

NovoCure Stock Performance

The firm’s fifty day simple moving average is $17.68 and its 200 day simple moving average is $18.64. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -19.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The business had revenue of $155.10 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned ($0.46) earnings per share. On average, sell-side analysts forecast that NovoCure Limited will post -1.31 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC acquired a new stake in shares of NovoCure in the second quarter worth $28,000. Signaturefd LLC grew its stake 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 worth $28,000 after acquiring an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of NovoCure in the second quarter worth $34,000. Fifth Third Bancorp acquired a new stake in shares of NovoCure in the second quarter worth $43,000. Finally, Brooklyn Investment Group acquired a new stake in NovoCure during the third quarter worth $45,000. Institutional investors and hedge funds 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.