NovoCure (NASDAQ:NVCR) Shares Gap Down – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $14.99, but opened at $13.25. NovoCure shares last traded at $12.0820, with a volume of 712,309 shares.

Analysts Set New Price Targets

A number of brokerages recently commented on NVCR. HC Wainwright lifted their price objective on NovoCure from $39.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NovoCure in a research report on Thursday, January 22nd. Evercore set a $20.00 price objective on shares of NovoCure in a research report on Monday, January 5th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of NovoCure in a report on Thursday, January 15th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, NovoCure has an average rating of “Hold” and a consensus price target of $26.64.

NovoCure Stock Performance

The company’s 50-day moving average is $12.69 and its two-hundred day moving average is $12.62. The firm has a market cap of $1.48 billion, a P/E ratio of -8.12 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.50 and a debt-to-equity ratio of 0.57.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, February 26th. The medical equipment provider reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.19. The firm had revenue of $174.35 million for the quarter, compared to the consensus estimate of $174.40 million. NovoCure had a negative return on equity of 50.29% and a negative net margin of 27.66%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.61) EPS. As a group, equities analysts predict that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Institutional Trading of NovoCure

Several institutional investors and hedge funds have recently modified their holdings of NVCR. Empowered Funds LLC bought a new position in shares of NovoCure in the 4th quarter worth $33,000. SJS Investment Consulting Inc. purchased a new position in shares of NovoCure in the 3rd quarter valued at approximately $41,000. Kestra Advisory Services LLC bought a new position in shares of NovoCure during the fourth quarter valued at approximately $49,000. Larson Financial Group LLC increased its stake in NovoCure by 662.1% during the 3rd quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock valued at $53,000 after purchasing an additional 3,562 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of NovoCure by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock worth $70,000 after purchasing an additional 1,120 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.