NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Fr…
FAIL · Does not pass the screen
14.94 USD
Screen close, 2026-10-02 · not a live quote
Screened 2026-10-02 · the tape above runs as of 01:05 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 14.94 against the desk's fair-value range, base estimate 25.00, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price14.94 USD
Fair value25.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown16.53-9.6% to today ✓
2026-09-08Read Accumulation17.99-17.0% to today
2026-08-07Read Distribution15.92-6.2% to today ✓
2026-07-02Read Markup17.78-16.0% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
NovoCure Limited holds its Markdown at $14.94. The statistical read favours the sellers, held for 19 days.
As held on the ledger · 2026-10-02
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 19 days
Price at the screen
$14.94
Valuation
N/A trailing · -18.30 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.01
The Workings
Five Screens, Shown in Full
Does not pass. Interest-bearing securities
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
30.88%
Below 33%
Interest-bearing debt is just 30.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
44.03%
Below 33%
Interest-bearing cash and securities are 44.0% of assets, above the one-third limit.
Fail
Receivables
22.75%
Below 49%
Money owed to the company is 22.7% of assets, under the 49% limit.
Pass
Revenue purity
1.96%
Below 5%
Only 2.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
NovoCure's business is fine, but its cash and interest-bearing securities are about 44% of its assets, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-03. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-02 screen. The gold marker is the market price at the same screen. A 67.3% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus None. The average target sits +67% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Electric Fields Promise Cancer Relief Yet Deliver Losses
Picture a medical device using electric fields to disrupt tumour growth across multiple solid cancers. NovoCure has built that technology and posted 12% revenue growth, yet it still posts a 26% negative profit margin and a 50% negative return on equity. The forward earnings multiple sits at minus 15 times, which simply records ongoing cash burn rather than any bargain valuation. We therefore pass despite the 48% margin of safety to our $23.50 fair value and a clean ethical screen.
Analyst consensus leans buy with a $24 median target, but those forecasts sit atop a business that has yet to prove it can convert device sales into sustainable profits. Unknown competitive protection leaves the story exposed to faster or cheaper alternatives in oncology.
Currency swings, reimbursement changes and clinical trial setbacks all sit in plain view. High fixed costs in a loss making operation amplify any revenue hiccup. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Switzerland and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NVCR trades on Nasdaq (the company is based in Switzerland). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$16.53-8.1%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (7 analysts) rates it buy, with a mean price target of $26.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 13.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (7 analysts) rates it buy, with a mean price target of $26.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (7 analysts) rates it buy, with a mean price target of $26.
2026-07-18Markup$17.78+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 33% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 9%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (7 analysts) rates it buy, with a mean price target of $26.
2026-07-03Markup$17.78+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$17.78Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.