NovoCure (NASDAQ:NVCR) Shares Down 7% Following Weak Earnings

NovoCure Limited (NASDAQ:NVCRGet Rating)’s stock price was down 7% during trading on Friday following a dissappointing earnings announcement. The company traded as low as $65.13 and last traded at $65.35. Approximately 2,620 shares traded hands during trading, a decline of 100% from the average daily volume of 668,057 shares. The stock had previously closed at $70.24.

The medical equipment provider reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.09). NovoCure had a negative return on equity of 14.21% and a negative net margin of 10.94%. The company had revenue of $140.90 million during the quarter, compared to analyst estimates of $135.13 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on NVCR shares. Truist Financial decreased their price objective on shares of NovoCure from $118.00 to $105.00 and set a “maintains” rating on the stock in a report on Friday. Evercore ISI lowered shares of NovoCure from an “in-line” rating to an “underperform” rating and set a $55.00 target price on the stock. in a report on Tuesday, July 5th. StockNews.com upgraded shares of NovoCure from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Piper Sandler reduced their target price on shares of NovoCure from $100.00 to $90.00 in a report on Thursday. Finally, HC Wainwright assumed coverage on shares of NovoCure in a report on Monday, May 16th. They set a “buy” rating and a $115.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, NovoCure presently has an average rating of “Hold” and a consensus target price of $116.63.

Insider Activity

In other news, Director Jeryl L. Hilleman sold 407 shares of the firm’s stock in a transaction on Friday, June 10th. The shares were sold at an average price of $69.61, for a total value of $28,331.27. Following the sale, the director now directly owns 2,537 shares in the company, valued at approximately $176,600.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.57% of the company’s stock.

Institutional Investors Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bellwether Advisors LLC grew its position in shares of NovoCure by 1,108.1% in the 1st quarter. Bellwether Advisors LLC now owns 447 shares of the medical equipment provider’s stock valued at $37,000 after buying an additional 410 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of NovoCure in the 4th quarter valued at $36,000. Signaturefd LLC grew its position in shares of NovoCure by 60.4% in the 4th quarter. Signaturefd LLC now owns 523 shares of the medical equipment provider’s stock valued at $39,000 after buying an additional 197 shares during the last quarter. Nauset Wealth Management. LLC purchased a new position in shares of NovoCure in the 1st quarter valued at $50,000. Finally, Quadrant Capital Group LLC grew its position in shares of NovoCure by 175.7% in the 1st quarter. Quadrant Capital Group LLC now owns 601 shares of the medical equipment provider’s stock valued at $50,000 after buying an additional 383 shares during the last quarter. 78.40% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Price Performance

The company has a debt-to-equity ratio of 1.29, a quick ratio of 8.23 and a current ratio of 8.46. The stock’s 50-day moving average is $72.38 and its 200 day moving average is $74.46. The stock has a market capitalization of $7.11 billion, a PE ratio of -121.41 and a beta of 0.96.

About NovoCure

(Get Rating)

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, Europe, the Middle East, Africa, Japan, and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.

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