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

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NVCR shares. JPMorgan Chase & Co. reduced their price target on NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Piper Sandler reduced 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. Wall Street Zen cut NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, Wedbush dropped their price target on NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, NovoCure has an average rating of "Hold" and a consensus price target of $32.83.

NovoCure Stock Performance

The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -11.94 and a beta of 0.73. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $17.44 and a 200-day moving average of $21.90.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced 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. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $154.99 million for the quarter, compared to analyst estimates of $147.57 million. During the same period in the prior year, the company earned ($0.36) earnings per share. The company's revenue was up 11.9% on a year-over-year basis. As a group, sell-side 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 have recently bought and sold shares of the business. Capital International Investors boosted its holdings in shares of NovoCure by 12.0% in the 4th quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock valued at $264,442,000 after acquiring an additional 951,141 shares during the last quarter. Capital World Investors boosted its holdings in NovoCure by 11.8% in the fourth quarter. Capital World Investors now owns 4,815,529 shares of the medical equipment provider's stock valued at $143,503,000 after purchasing an additional 507,311 shares during the last quarter. Soleus Capital Management L.P. acquired a new stake in NovoCure during the 4th quarter worth about $81,643,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of NovoCure by 154.0% during 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 valued at $31,758,000 after buying an additional 1,080,514 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of NovoCure by 39.1% during the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider's stock valued at $38,274,000 after buying an additional 360,841 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.