NovoCure (NASDAQ:NVCR) Trading Down 3.4% - Here's What Happened

NovoCure Limited (NASDAQ:NVCR - Get Free Report) traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $16.75 and last traded at $16.83. 374,470 shares traded hands during mid-day 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 research analysts have commented on NVCR shares. Piper Sandler cut their price target on NovoCure from $42.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered 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. Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, Wedbush decreased their price target on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, NovoCure has an average rating of "Hold" and an average target price of $32.83.

NovoCure Stock Down 0.7%

The business has a 50-day simple moving average of $17.53 and a two-hundred day simple moving average of $21.59. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.41 and a current ratio of 1.47. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -11.05 and a beta of 0.74.

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

Institutional Trading of NovoCure

Hedge funds and other institutional investors have recently made changes to their positions in the company. GeoWealth Management LLC purchased a new position in NovoCure during the fourth quarter worth about $27,000. Lindbrook Capital LLC raised its stake in shares of NovoCure by 189.2% during the 4th quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider's stock worth $55,000 after buying an additional 1,213 shares in the last quarter. Blue Trust Inc. raised its stake in shares of NovoCure by 70.7% during the 4th quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider's stock worth $56,000 after buying an additional 781 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of NovoCure in the 4th quarter valued at approximately $68,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of NovoCure in the fourth quarter valued at approximately $70,000. 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.