NovoCure Ltd. (NVCR) Shares Down 7.6%
NovoCure Ltd. (NASDAQ:NVCR)’s share price traded down 7.6% during trading on Tuesday . The stock traded as low as $11.26 and last traded at $11.27, with a volume of 155,793 shares changing hands. The stock had previously closed at $12.20.
Several equities analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and set a $30.00 price objective on shares of NovoCure in a research report on Wednesday. Zacks Investment Research cut NovoCure from a “hold” rating to a “sell” rating in a research note on Friday, May 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $28.57.
The company has a 50 day moving average of $11.39 and a 200 day moving average of $14.06. The stock’s market capitalization is $939.01 million.
NovoCure (NASDAQ:NVCR) last posted its earnings results on Monday, May 9th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.09. The business earned $13.10 million during the quarter, compared to the consensus estimate of $23.65 million. On average, equities research analysts forecast that NovoCure Ltd. will post ($1.38) EPS for the current fiscal year.
In other NovoCure news, COO Michael J. Ambrogi sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $12.24, for a total transaction of $244,800.00. Following the completion of the sale, the chief operating officer now owns 324,084 shares in the company, valued at $3,966,788.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of hedge funds recently bought and sold shares of the company. Hartline Investment Corp bought a new stake in NovoCure during the fourth quarter worth $1,143,000. Morgan Stanley bought a new stake in NovoCure during the fourth quarter worth $9,619,000. Finally, Century Capital Management LLC bought a new stake in NovoCure during the fourth quarter worth $2,970,000.
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a therapy called TTFields for the treatment of solid tumor cancers. TTFields is a low-toxicity anti-mitotic treatment that uses low-intensity, intermediate frequency, alternating electric fields to exert physical forces on molecules inside cancer cells, disrupting the basic machinery for normal cell division, leading to cancer cell death.
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