NovoCure Ltd. (NVCR) shares plunged 5.18% in pre-market trading on Friday following a significant downgrade and price target cut by Wells Fargo. The medical device company, known for its innovative cancer treatments, faced a harsh reassessment from one of Wall Street's major financial institutions.
Wells Fargo downgraded NovoCure from Overweight to Equal Weight, signaling a less optimistic outlook on the stock's potential for outperformance. Simultaneously, the bank drastically reduced its price target for NovoCure from $40 to $14.5, representing a 63.75% cut. This substantial reduction in the price target suggests a significantly lowered expectation for the company's future performance and valuation.
The timing of this downgrade coincides with NovoCure's recent release of its Q2 2025 financial results. While the specific details of the earnings report were not provided, the combination of the earnings release and the subsequent downgrade implies that the company's financial performance or outlook may have disappointed analysts. Investors reacted swiftly to these developments, leading to the sharp decline in NovoCure's stock price during pre-market trading.
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