NovoCure (NASDAQ:NVCR) Shares Down 4.5% - Here's Why

Shares of NovoCure Limited (NASDAQ:NVCR - Get Free Report) were down 4.5% during mid-day trading on Thursday . The stock traded as low as $16.90 and last traded at $17.06. Approximately 413,634 shares traded hands during trading, a decline of 69% from the average daily volume of 1,319,420 shares. The stock had previously closed at $17.87.

Analyst Ratings Changes

A number of equities analysts recently weighed in on NVCR shares. HC Wainwright upgraded shares of NovoCure from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $24.00 to $30.00 in a report on Wednesday. Wedbush restated an "outperform" rating and issued a $24.00 price objective on shares of NovoCure in a report on Thursday, July 25th. Evercore ISI decreased their price objective on shares of NovoCure from $21.00 to $18.00 and set an "in-line" rating for the company in a report on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their price objective on shares of NovoCure from $42.00 to $40.00 and set an "overweight" rating for the company in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.17.

NovoCure Stock Performance

The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46. The firm has a market cap of $1.82 billion, a P/E ratio of -9.25 and a beta of 0.70. The business's 50-day simple moving average is $17.14 and its 200 day simple moving average is $17.71.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.09. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The business had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. During the same quarter in the previous year, the firm posted ($0.54) EPS. The firm's revenue was up 19.3% on a year-over-year basis. As a group, equities analysts predict that NovoCure Limited will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Hedge funds have recently modified their holdings of the business. Ridgewood Investments LLC bought a new stake in shares of NovoCure during the 2nd quarter valued at $28,000. Signaturefd LLC grew its position in shares of NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of NovoCure during the 2nd quarter valued at $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the 2nd quarter valued at $43,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of NovoCure during the 2nd quarter valued at $48,000. 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.