NovoCure (NASDAQ:NVCR) Shares Gap Down – Should You Sell?

by · The Cerbat Gem

NovoCure Limited (NASDAQ:NVCR – Get Free Report)’s share price gapped down prior to trading on Monday . The stock had previously closed at $12.81, but opened at $12.11. NovoCure shares last traded at $12.08, with a volume of 285,775 shares traded.

Analysts Set New Price Targets

A number of analysts have recently commented on NVCR shares. Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a research report on Wednesday, October 8th. Wedbush reissued a “neutral” rating and set a $18.00 price target on shares of NovoCure in a research report on Tuesday, September 30th. JPMorgan Chase & Co. reduced their price objective on NovoCure from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Finally, HC Wainwright upped their price objective on NovoCure from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.36.

Check Out Our Latest Research Report on NVCR

NovoCure Trading Down 6.7%

The stock has a market cap of $1.34 billion, a P/E ratio of -7.38 and a beta of 0.82. The stock’s 50-day moving average is $12.90 and its two-hundred day moving average is $14.25. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.55 and a quick ratio of 1.50.

NovoCure (NASDAQ:NVCR – Get Free Report) last posted its earnings results on Thursday, October 30th. The medical equipment provider reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. NovoCure had a negative return on equity of 50.29% and a negative net margin of 27.66%.The firm had revenue of $167.20 million during the quarter, compared to the consensus estimate of $158.81 million. During the same period in the prior year, the company earned ($0.28) EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts anticipate that NovoCure Limited will post -1.3 EPS for the current year.

Insider Activity at NovoCure

In related news, CEO Ashley Cordova purchased 81,550 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average price of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the transaction, the chief executive officer owned 437,569 shares in the company, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently modified their holdings of NVCR. Soleus Capital Management L.P. raised its holdings in NovoCure by 25.0% during the 2nd quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock valued at $122,897,000 after buying an additional 1,382,888 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in NovoCure by 154.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,782,159 shares of the medical equipment provider’s stock valued at $31,758,000 after purchasing an additional 1,080,514 shares during the last quarter. American Century Companies Inc. raised its position in NovoCure by 1,354.7% in the 2nd quarter. American Century Companies Inc. now owns 1,029,874 shares of the medical equipment provider’s stock worth $18,332,000 after purchasing an additional 959,079 shares during the period. Nuveen LLC bought a new stake in NovoCure in the first quarter worth about $12,363,000. Finally, Millennium Management LLC boosted its position in shares of NovoCure by 106.5% during the third quarter. Millennium Management LLC now owns 1,335,490 shares of the medical equipment provider’s stock valued at $17,255,000 after buying an additional 688,710 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

(Get Free Report)

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.

See Also