5 Worst Performing NASDAQ Stocks In 2023

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1. NovoCure Limited (NASDAQ:NVCR)

Number of Hedge Fund Holders: 19

YTD Share Price Decline as of July 30: 50.96%

NovoCure Limited (NASDAQ:NVCR) is an oncology company that focuses on developing, manufacturing, and selling tumor treating fields (TTFields) devices. These devices are used to treat solid tumor cancers in the United States, Europe, the Middle East, Africa, Japan, and China. Based on year-to-date share performance as of July 30, NovoCure Limited (NASDAQ:NVCR) is one of the worst performing NASDAQ stocks this year. 

On July 27, NovoCure Limited (NASDAQ:NVCR) reported a Q2 GAAP loss per share of -$0.54, missing market estimates by $0.04. The revenue dropped 10.5% year-over-year to $126.05 million, outperforming analysts’ expectations by $1.8 million. 

According to Insider Monkey’s first quarter database, 19 hedge funds were bullish on NovoCure Limited (NASDAQ:NVCR), compared to 17 funds in the prior quarter. Dmitry Balyasny’s Balyasny Asset Management is the leading stakeholder of the company, with 358,029 shares worth $21.5 million. 

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