NovoCure (NASDAQ:NVCR) Stock Price Down 7.1% - Should You Sell?

NovoCure Limited (NASDAQ:NVCR - Get Free Report)'s share price dropped 7.1% during mid-day trading on Wednesday . The stock traded as low as $15.12 and last traded at $15.69. Approximately 177,560 shares traded hands during trading, a decline of 86% from the average daily volume of 1,306,685 shares. The stock had previously closed at $16.89.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. HC Wainwright upgraded shares of NovoCure from a "neutral" rating to a "buy" rating and boosted their target price for the company from $24.00 to $30.00 in a report on Wednesday, October 16th. Evercore ISI lowered their price target on NovoCure from $21.00 to $18.00 and set an "in-line" rating for the company in a report on Tuesday, October 1st. Wedbush restated an "outperform" rating and issued a $24.00 price objective on shares of NovoCure in a report on Thursday, July 25th. Finally, Wells Fargo & Company lowered their target price on shares of NovoCure from $42.00 to $40.00 and set an "overweight" rating for the company in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, NovoCure currently has an average rating of "Moderate Buy" and an average target price of $26.17.

NovoCure Trading Up 0.6 %

The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -9.56 and a beta of 0.70. 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 company has a 50 day moving average of $16.84 and a 200-day moving average of $17.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NVCR. Lombard Odier Asset Management USA Corp increased its position in shares of NovoCure by 5.4% in the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider's stock valued at $186,000 after purchasing an additional 557 shares during the last quarter. Arizona State Retirement System lifted its holdings in NovoCure by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider's stock worth $488,000 after buying an additional 581 shares during the last quarter. Signaturefd LLC lifted its holdings in NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider's stock worth $28,000 after buying an additional 627 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of NovoCure by 21.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider's stock worth $61,000 after acquiring an additional 701 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of NovoCure during the 2nd quarter worth approximately $28,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.