Why NovoCure Stock Was Withering on Wednesday
Cancer-focused biotech NovoCure (NASDAQ: NVCR) was the focus of a stock price target cut on Wednesday, and investors weren't particularly happy about it.
They expressed their displeasure by selling out of their positions, to the point where the company's stock was down by nearly 5% in mid-afternoon trading. As such, it was doing notably worse than the S&P 500 index, which was 0.9% in the red at that point.
The analyst behind the reduction was Wedbush's David Nierengarten, who now believes NovoCure is worth $27 per share. That's slightly below his previous price target of $29. As the change isn't significant Nierengarten, maintained his neutral recommendation on the company.
Source Fool.com
