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

NovoCure Limited (NASDAQ:NVCR)’s share price dropped 4.1% during trading on Tuesday . The stock traded as low as $19.03 and last traded at $18.98. Approximately 86,708 shares were traded during trading, a decline of 93% from the average daily volume of 1,243,584 shares. The stock had previously closed at $19.78.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $38.00 price objective on shares of NovoCure in a report on Tuesday, January 14th. Wedbush reiterated a “neutral” rating and set a $29.00 price objective on shares of NovoCure in a research note on Monday, January 13th. StockNews.com raised shares of NovoCure from a “sell” rating to a “hold” rating in a research note on Tuesday, March 18th. Piper Sandler increased their target price on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $30.00 in a report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

NovoCure Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The stock has a market cap of $2.09 billion, a PE ratio of -13.55 and a beta of 0.63. The firm has a fifty day moving average price of $22.01 and a 200 day moving average price of $21.61.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.27). NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $161.27 million during the quarter, compared to analyst estimates of $161.30 million. Research analysts forecast that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Summit Investment Advisors Inc. increased its position in shares of NovoCure by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,141 shares of the medical equipment provider’s stock valued at $332,000 after acquiring an additional 708 shares during the period. 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 valued at $56,000 after purchasing an additional 781 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of NovoCure by 35.8% in the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after purchasing an additional 880 shares during the last quarter. GeoWealth Management LLC purchased a new position in shares of NovoCure in the fourth quarter worth about $27,000. Finally, Lindbrook Capital LLC lifted its holdings in shares of NovoCure by 189.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider’s stock worth $55,000 after purchasing an additional 1,213 shares during the period. Institutional investors and hedge funds 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.