NovoCure (NASDAQ:NVCR) Shares Down 6.2%

NovoCure Limited (NASDAQ:NVCR) shares traded down 6.2% during trading on Tuesday . The stock traded as low as $21.64 and last traded at $21.71. 545,541 shares traded hands during trading, a decline of 59% from the average session volume of 1,346,685 shares. The stock had previously closed at $23.15.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NVCR shares. Evercore ISI upped their target price on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a report on Friday, February 23rd. Piper Sandler reiterated an “overweight” rating and set a $28.00 target price (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company reduced their price target on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, April 3rd. HC Wainwright dropped their price objective on shares of NovoCure from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.88.

NovoCure Price Performance

The company’s 50 day simple moving average is $15.63 and its two-hundred day simple moving average is $14.61. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. The firm had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.50) EPS. On average, equities analysts predict that NovoCure Limited will post -1.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Frank X. Leonard sold 2,078 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the transaction, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at approximately $2,624,638.38. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total value of $33,538.92. Following the sale, the executive vice president now directly owns 162,617 shares in the company, valued at approximately $2,624,638.38. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the transaction, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at $4,046,805.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,921 shares of company stock worth $127,161. 6.29% of the stock is owned by corporate insiders.

Institutional Trading of NovoCure

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in shares of NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 2,118 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in NovoCure in the 3rd quarter valued at $74,000. Daiwa Securities Group Inc. increased its stake in shares of NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock worth $80,000 after acquiring an additional 4,700 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of NovoCure during the 3rd quarter worth $85,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of NovoCure by 36.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock valued at $89,000 after acquiring an additional 1,461 shares during the last quarter. Institutional investors and hedge funds 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.