Why NovoCure Stock Is Falling Today
Shares of the novel oncology company NovoCure (NASDAQ: NVCR) are trading lower today following the company's 2022 fourth-quarter and full-year results release this morning. Specifically, the Tumor Treating Fields product (TTFields) pioneer's stock was down by a hefty 7.36% on heavy volume as of 1:15 p.m. ET Thursday afternoon.
What's weighing on the biotech's stock price today? Although the company's financial results were essentially in line with Wall Street's consensus estimates for the three-month period, investors were clearly looking for a stronger quarter from the cancer company.
Perhaps the most concerning issue is that NovoCure's net revenue fell by 4% in Q4 to $128.4 million, relative to the same period a year ago. The big deal is that NovoCure's stock has long been trading at an enormous premium (greater than 16 times trailing sales).
Source Fool.com
