NovoCure (NASDAQ:NVCR) Stock Price Down 8.2% - Here's What Happened

NovoCure Limited (NASDAQ:NVCR - Get Free Report) shares were down 8.2% during trading on Monday . The stock traded as low as $17.58 and last traded at $17.55. Approximately 221,093 shares were traded during trading, a decline of 81% from the average daily volume of 1,134,316 shares. The stock had previously closed at $19.11.

Analyst Ratings Changes

NVCR has been the topic of several recent research reports. Piper Sandler cut their price target on NovoCure from $42.00 to $34.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. cut their target price on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. 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. Finally, Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, NovoCure presently has a consensus rating of "Hold" and a consensus target price of $32.83.

NovoCure Price Performance

The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -12.14 and a beta of 0.73. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The stock has a fifty day moving average of $17.37 and a 200-day moving average of $21.87.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.16. The business had revenue of $154.99 million during the quarter, compared to analysts' expectations of $147.57 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.36) EPS. On average, equities research analysts predict that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently made changes to their positions in NVCR. Blue Trust Inc. grew its stake in 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 during the last quarter. KBC Group NV boosted its holdings in shares of NovoCure by 65.1% in the fourth quarter. KBC Group NV now owns 5,091 shares of the medical equipment provider's stock valued at $152,000 after acquiring an additional 2,008 shares during the period. Choreo LLC purchased a new position in shares of NovoCure during the fourth quarter worth approximately $251,000. Rhumbline Advisers increased its holdings in shares of NovoCure by 2.2% in the 4th quarter. Rhumbline Advisers now owns 145,469 shares of the medical equipment provider's stock valued at $4,335,000 after acquiring an additional 3,115 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in NovoCure in the 4th quarter valued at $272,000. Hedge funds and other institutional investors 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.