NovoCure (NASDAQ:NVCR) Trading Down 6.5% – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR) shares traded down 6.5% during trading on Friday . The company traded as low as $11.80 and last traded at $11.7130. 833,043 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 1,940,424 shares. The stock had previously closed at $12.53.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a report on Thursday, January 22nd. Evercore set a $20.00 price target on shares of NovoCure in a report on Monday, January 5th. JPMorgan Chase & Co. cut their price objective on shares of NovoCure from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Wedbush reissued a “neutral” rating and set a $18.00 target price on shares of NovoCure in a research note on Thursday, January 15th. Finally, HC Wainwright raised their target price on NovoCure from $39.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, NovoCure presently has a consensus rating of “Hold” and a consensus target price of $26.64.

NovoCure Price Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.50 and a current ratio of 1.55. The stock has a market capitalization of $1.23 billion, a PE ratio of -6.84 and a beta of 0.73. The stock’s 50 day moving average is $12.90 and its two-hundred day moving average is $12.60.

Institutional Trading of NovoCure

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in shares of NovoCure by 56.7% during the first quarter. AQR Capital Management LLC now owns 28,728 shares of the medical equipment provider’s stock worth $512,000 after buying an additional 10,394 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in NovoCure by 3.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,992 shares of the medical equipment provider’s stock worth $1,336,000 after acquiring an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in NovoCure by 5.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 993,670 shares of the medical equipment provider’s stock valued at $17,707,000 after acquiring an additional 52,180 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in NovoCure during the 1st quarter valued at about $87,000. Finally, KLP Kapitalforvaltning AS boosted its holdings in shares of NovoCure by 6.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 1,400 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Company Profile

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.