NovoCure (NASDAQ:NVCR) Trading Down 4.1% – What’s Next?

NovoCure Limited (NASDAQ:NVCR) shares were down 4.1% on Tuesday . The company traded as low as $11.30 and last traded at $11.1980. Approximately 155,517 shares changed hands during trading, a decline of 88% from the average daily volume of 1,333,984 shares. The stock had previously closed at $11.68.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NVCR. Weiss Ratings reiterated a “sell (e+)” rating on shares of NovoCure in a research note on Wednesday, October 8th. HC Wainwright upped their target price on shares of NovoCure from $38.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Wedbush reiterated a “neutral” rating and set a $18.00 price target on shares of NovoCure in a report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. lowered their price target on NovoCure from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, NovoCure currently has an average rating of “Hold” and an average target price of $26.92.

NovoCure Stock Down 0.4%

The company has a current ratio of 1.55, a quick ratio of 1.50 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.32 billion, a P/E ratio of -7.30 and a beta of 0.83. The firm has a 50-day simple moving average of $12.79 and a two-hundred day simple moving average of $14.12.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, October 30th. The medical equipment provider reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.09. NovoCure had a negative net margin of 27.66% and a negative return on equity of 50.29%. The business had revenue of $167.20 million for the quarter, compared to the consensus estimate of $158.81 million. During the same period in the prior year, the company posted ($0.28) earnings per share. NovoCure’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ashley Cordova purchased 81,550 shares of NovoCure stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average price of $12.22 per share, with a total value of $996,541.00. Following the completion of the transaction, the chief executive officer directly owned 437,569 shares of the company’s stock, valued at $5,347,093.18. This represents a 22.91% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On NovoCure

Hedge funds and other institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. raised its stake in NovoCure by 22.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 534,749 shares of the medical equipment provider’s stock worth $9,529,000 after acquiring an additional 96,977 shares in the last quarter. Nuveen LLC bought a new stake in shares of NovoCure during the first quarter worth $12,363,000. Russell Investments Group Ltd. increased its holdings in shares of NovoCure by 463.8% during the first quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 5,371 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of NovoCure during the 1st quarter valued at $1,262,000. Finally, Algert Global LLC raised its position in NovoCure by 41.1% in the first quarter. Algert Global LLC now owns 97,751 shares of the medical equipment provider’s stock valued at $1,742,000 after purchasing an additional 28,490 shares during the last quarter. 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.