NovoCure (NASDAQ:NVCR) Shares Down 3.4% - What's Next?

NovoCure Limited (NASDAQ:NVCR - Get Free Report) fell 3.4% during trading on Wednesday . The company traded as low as $16.75 and last traded at $16.83. 374,470 shares traded hands during trading, a decline of 68% from the average session volume of 1,175,699 shares. The stock had previously closed at $17.43.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Wedbush decreased their price target on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen cut shares of NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, Piper Sandler cut their target price on NovoCure from $42.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, NovoCure presently has a consensus rating of "Hold" and an average target price of $32.83.

NovoCure Trading Down 3.6%

The stock has a market capitalization of $1.87 billion, a PE ratio of -11.13 and a beta of 0.74. The company has a current ratio of 1.47, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27. The business's 50-day moving average is $17.52 and its two-hundred day moving average is $21.86.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts' consensus estimates of ($0.47) by $0.16. NovoCure had a negative return on equity of 45.46% and a negative net margin of 26.41%. The company had revenue of $154.99 million for the quarter, compared to analysts' expectations of $147.57 million. During the same quarter in the previous year, the firm posted ($0.36) earnings per share. The firm's quarterly revenue was up 11.9% on a year-over-year basis. On average, analysts predict that NovoCure Limited will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in shares of NovoCure by 3.8% during the first quarter. Rhumbline Advisers now owns 150,952 shares of the medical equipment provider's stock valued at $2,690,000 after purchasing an additional 5,483 shares during the period. Strs Ohio acquired a new stake in NovoCure during the 1st quarter valued at $759,000. Acadian Asset Management LLC purchased a new stake in NovoCure during the 1st quarter worth $87,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in NovoCure by 154.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,782,159 shares of the medical equipment provider's stock worth $31,758,000 after buying an additional 1,080,514 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in NovoCure by 5.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 993,670 shares of the medical equipment provider's stock worth $17,707,000 after buying an additional 52,180 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.

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