NovoCure (NASDAQ:NVCR) Stock Price Down 4%

Shares of NovoCure Limited (NASDAQ:NVCR) traded down 4% on Wednesday . The company traded as low as $17.28 and last traded at $17.30. Approximately 55,821 shares traded hands during trading, a decline of 96% from the average daily volume of 1,342,943 shares. The stock had previously closed at $18.02.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NVCR. Wells Fargo & Company dropped their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Wedbush reiterated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Evercore ISI increased their price target on NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research report on Tuesday, July 2nd. Finally, HC Wainwright increased their target price on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.50.

NovoCure Stock Down 2.4 %

The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. The business has a fifty day moving average of $18.61 and a 200 day moving average of $17.58. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -9.96 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. During the same quarter last year, the firm posted ($0.54) EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis. On average, equities analysts predict that NovoCure Limited will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently added to or reduced their stakes in the company. Lombard Odier Asset Management USA Corp raised its position in NovoCure by 5.4% in the second quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider’s stock worth $186,000 after purchasing an additional 557 shares in the last quarter. Arizona State Retirement System raised its position in shares of NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after acquiring an additional 581 shares during the last quarter. 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 worth $28,000 after buying an additional 627 shares during the period. Ridgewood Investments LLC acquired a new position in shares of NovoCure in the 2nd quarter valued at $28,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure during the second quarter worth about $34,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.