Shares of Novocure (NASDAQ: NVCR) were plunging 18.5% this week as of the market close on Thursday, according to data from S&P Global Market Intelligence . The company didn't report any news. So what's behind the steep decline? Novocure was a victim of the broader market sell-off this week.
The Nasdaq Composite was already in a bear market . But the S&P 500 joined the club this week as well. Both indexes tumbled over the past few days as the Federal Reserve raised interest rates by the highest amount in decades as part of an effort to fight skyrocketing inflation.
On one hand, it might make sense that Novocure's shares would fall significantly with the overall stock market sinking. After all, the company isn't profitable yet and is riskier than many other stocks.
For further details see:
Why Novocure Stock Is Plunging This Week