Why Novocure Stock Tumbled by Nearly 16% Today
Biotech stocks are famously volatile, and investors needed to look no further than the performance of '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 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.
Source Fool.com
