Novocure (NVCR) Trading Down 6.9%

Novocure Ltd (NASDAQ:NVCR)’s share price fell 6.9% during mid-day trading on Tuesday . The stock traded as low as $18.13 and last traded at $18.25. 1,107,000 shares were traded during trading, an increase of 30% from the average session volume of 853,570 shares. The stock had previously closed at $19.60.

NVCR has been the topic of a number of analyst reports. Zacks Investment Research raised Novocure from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, October 31st. Mizuho reaffirmed a “buy” rating and issued a $25.00 price target on shares of Novocure in a research report on Friday, December 1st. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Novocure in a research report on Monday, November 20th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $25.00 price target (down previously from $29.00) on shares of Novocure in a research report on Friday, October 27th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $21.00.

The company has a quick ratio of 5.30, a current ratio of 5.90 and a debt-to-equity ratio of 0.83.

Novocure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.07. The firm had revenue of $50.10 million during the quarter, compared to the consensus estimate of $43.45 million. Novocure had a negative return on equity of 57.68% and a negative net margin of 47.45%. The firm’s quarterly revenue was up 130.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.39) earnings per share. equities research analysts forecast that Novocure Ltd will post -0.65 EPS for the current fiscal year.

In other news, CEO Asaf Danziger sold 35,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total transaction of $781,355.00. Following the completion of the transaction, the chief executive officer now directly owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael J. Ambrogi sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $22.00, for a total value of $26,400.00. Following the transaction, the chief operating officer now directly owns 24,987 shares of the company’s stock, valued at $549,714. The disclosure for this sale can be found here. Insiders have sold 299,953 shares of company stock worth $6,278,763 in the last 90 days. 16.70% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Bank of Montreal Can grew its holdings in shares of Novocure by 1,919.7% during the second quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock valued at $122,000 after purchasing an additional 6,719 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Novocure by 792.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock valued at $125,000 after purchasing an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in Novocure during the 2nd quarter valued at $126,000. Trexquant Investment LP bought a new position in Novocure during the 3rd quarter valued at $212,000. Finally, TIAA FSB bought a new position in Novocure during the 2nd quarter valued at $238,000. 41.57% of the stock is owned by institutional investors.

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Novocure Company Profile

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.

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