NVCR - Why NovoCure Stock Sank Today
Shares of NovoCure (NASDAQ: NVCR) were sinking 12.5% lower as of 3 p.m. EST on Thursday. The decline came after the company delayed several clinical studies and Evercore ISI analyst Vijay Kumar wrote to clients that NovoCure's growth is set to taper off.
Kumar's gloomy prediction came after NovoCure announced its fourth-quarter results before the market open on Thursday.
The company reported revenue of $144 million, up 45% year over year and higher than the average analyst estimate of $141.3 million. NovoCure generated earnings in Q4 of $4.9 million, or $0.05 per share. Although this was better than earnings of $4.3 million, or $0.04 per share, posted in the prior-year period, it fell short of the consensus Wall Street earnings estimate of $0.12 per share.
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Why NovoCure Stock Sank Today