NVCR - Why Novocure Stock Tumbled by Nearly 16% Today
2023-07-27 18:56:08 ET
Biotech stocks are famously volatile, and investors needed to look no further than the performance of Novocure 's (NASDAQ: NVCR) shares on Thursday for proof. The company's share price cratered by almost 16% on the day due to worse-than-expected fundamentals from its latest quarter. That decline was notably steeper than that of the S&P 500 index, which fell by a far less painful 0.6%.
That morning, Novocure published its second-quarter figures. The biotech , which concentrates on the development of cancer treatments, booked slightly over $126 million in revenue for the period. This was down from the nearly $141 million of second-quarter 2023.
As for the bottom line, Novocure's net loss more than doubled. It came in at $57.4 million ($0.54 per share), comparing unfavorably to the year-ago shortfall of $24 million.
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Why Novocure Stock Tumbled by Nearly 16% Today