In this article, we discuss 15 worst performing healthcare stocks in 2023.

In 2021, healthcare spending in the United States accounted for over 18.3% of its GDP and the national healthcare expenditure came in at $12,914 per person. According to Deloitte, the United States’ spending in healthcare can rise to $12 trillion by 2040. That being said, the past two years have seen a record high performance for pharmaceuticals and biotechnology firms in the region, propelled mainly by the COVID-19 pandemic.

As per BlackRock, while revenues from COVID-19 are going to decline over the next few years, companies are focused on creating mRNA-based technologies to treat cancer, Alzheimer’s, and Parkinson’s. As the industry continues to normalize post pandemic, it is gripped by numerous other challenges. One major challenge in the United States has been the shortage of medical staff and health professionals. According to BlackRock’s research, 1 in 5 healthcare workers have quit their jobs since 2020, out of which 2 in 3 have left the healthcare industry entirely. Making things worse is the increasing cost for healthcare. This is expected to increase insurance premiums and decrease investment and slow down innovation in the industry. 

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Technology is taking over the healthcare sector and is the newest trend to watch. As the world had to adjust to life during the pandemic, the industry experienced a major increase in telehealth. Patients were able to get in touch with their providers over the phone, through text messages, calls, and online meetings. This is expected to continue in the future, with over 60 million users living in rural areas. LBMC, a professional services CPA firm, estimated that the worldwide market for telehealth was worth $48.3 billion in 2022 and is forecasted to reach $57.1 billion this year. Furthermore, there is an increasing need for remote monitoring devices and gadgets, such as fitness bands. Similarly, there is another opportunity in machine learning and artificial intelligence, as the need for maintaining personalized treatments grows, in line with staff shortages. This also highlights the need for cloud-based workforce and data management solutions. It was reported that the market for big data analytics in the healthcare sector is valued at $32.9 billion in 2021. This market is forecasted to grow at a CAGR of 13.85%, reaching $105.73 billion by 2030. 

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McKinsey expects the government sector to dominate the profit pools in healthcare, as opposed to the commercial sector in the United States. To quantify, the profit pool for the government sector is expected to be 50% higher than the commercial sector by 2026, due to increase in the Medicare Advantage plans. Despite all these challenges, McKinsey expects the healthcare industry to grow at a CAGR of 10% between 2021 and 2026, resulting in a value of $81 billion by 2026.

Individuals looking to invest in the healthcare sector can monitor the performance of Moderna, Inc. (NASDAQ:MRNA), Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), and NovoCure Limited (NASDAQ:NVCR) before making any decisions that impact their portfolio value. 

Our Methodology 

We used a stock screener and filtered out healthcare stocks with market caps above $2 billion as of August 13. We did this to eliminate extremely small companies which have volatile performance and are not an appropriate indicator of the healthcare industry performance overall. Then, we sorted the stocks in the descending order of their year-to-date share price performance. From the resulting dataset, we selected the healthcare stocks with the highest YTD share price declines as of August 13. The following stocks are arranged in the ascending order of their share price performance. 

Worst Performing Healthcare Stocks in 2023

15. Alvotech (NASDAQ:ALVO)

YTD Share Price Decline as of August 13: 11.09%

Number of Hedge Fund Holders: 8

Alvotech (NASDAQ:ALVO) specializes in the development of biosimilar medicines for autoimmune diseases, eye conditions, bone disorders, and cancer. On June 29, Alvotech (NASDAQ:ALVO)’s shares saw a pre-market drop of around 7% following news that the FDA declined approval for their biosimilar candidate AVT02, which is a biosimilar for AbbVie’s Humira. This comes after the FDA rejected Alvotech (NASDAQ:ALVO)’s initial Biologics License Application (BLA) for AVT02 in April. The FDA’s complete response letter expressed concerns about Alvotech’s Reykjavik facility.

According to Insider Monkey’s first quarter database, 8 hedge funds were long Alvotech (NASDAQ:ALVO), compared to 11 funds in the last quarter. 

Like Moderna, Inc. (NASDAQ:MRNA), Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), and NovoCure Limited (NASDAQ:NVCR), Alvotech (NASDAQ:ALVO) is one of the worst performing healthcare stocks in 2023 based on year-to-date share performance. 

14. Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

YTD Share Price Decline as of August 13: 12.38%

Number of Hedge Fund Holders: 43

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a pharmaceutical company that focuses on providing treatment for endocrine, psychotic, and psychological disorders, such as Parkinson’s disease. On August 1, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reported a Q2 non-GAAP EPS of $1.25 and a revenue of $452.7 million, which outperformed expectations by $0.13 and $4.72 million, respectively. 

According to Insider Monkey’s first quarter database, 43 hedge funds were bullish on Neurocrine Biosciences, Inc. (NASDAQ:NBIX). In comparison, 46 hedge funds held the stock in the previous quarter. James E. Flynn’s Deerfield Management held the largest position in the company, with 1.7 million shares worth $177.6 million.

HL Global Small Companies Equity Strategy said this about Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in its first quarter 2023 investor letter:

“We underperformed in Health Care, in which Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was our biggest relative detractor. The drugmaker’s quarterly results failed to impress the market even as the outlook for its Ingrezza product-the only treatment for tardive dyskinesia, a nervous-system disorder resulting from psychiatric medicines-remains solid.”

13. Bristol-Myers Squibb Company (NYSE:BMY)

YTD Share Price Decline as of August 13: 15.26%

Number of Hedge Fund Holders: 69

Bristol-Myers Squibb Company (NYSE:BMY) specializes in the provision of licenses, research, and distribution for biopharmaceutical products to treat cardiovascular, cancer, and neurological diseases. On July 27, Bristol-Myers Squibb Company (NYSE:BMY) reported a Q2 non-GAAP EPS of $1.75, which was lower than expectations by $0.24. It also reported a revenue of $11.2 billion, which failed to meet Wall Street estimates by $610 million.

According to Insider Monkey’s first quarter database, 69 hedge funds were bullish on Bristol-Myers Squibb Company (NYSE:BMY), same as in the previous quarter. Richard S. Pzena’s Pzena Investment Management had the largest investment in the company, with 4.5 million shares worth roughly $313 million.

RGA Investment Advisors made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2022 investor letter:

“Bristol-Myers Squibb Company (NYSE:BMY), which we referenced above, boasts a double digit free cash flow yield that gets divided roughly equally between repurchases, a dividend and M&A in what is the best environment for acquisitions perhaps ever. In 2019, BMY acquired Celgene, who had one of the better corporate development programs in the industry. We view this as a great outlet for us as generalists considering a company like BMY should truly thrive with the ability to acquire outstanding assets and science at depressed valuations. We touched on the Turning Point acquisition above and we expect the company to be increasingly active in the M&A landscape. Importantly, Celgene also came to BMY with a phenomenal CAR-T platform. CAR-T is a cell therapy that activates the body’s immune system to target cancers. This will be a key growth vector alongside M&A in overcoming the company’s patent cliff.”

12. AMN Healthcare Services, Inc. (NYSE:AMN)

YTD Share Price Decline as of August 13: 15.27%

Number of Hedge Fund Holders: 31

AMN Healthcare Services, Inc. (NYSE:AMN) is a provider of healthcare services in the United State which operates within three segments – Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. On August 3, AMN Healthcare Services, Inc. (NYSE:AMN) reported a Q2 non-GAAP EPS of $2.38 and a revenue of $991 million, which exceeded expectations by $0.23 and $2.68 million, respectively. However, the company’s revenue guidance for Q3 2023 ranged between $840 million to $860 million, while the consensus estimate was $919.41 million. 

According to Insider Monkey’s first quarter database, 31 hedge funds were bullish on AMN Healthcare Services, Inc. (NYSE:AMN), compared to 35 in the prior quarter. D E Shaw is the largest shareholder in the company, with 390,291 shares worth $32.3 million. 

Diamond Hill Capital had this to say about AMN Healthcare Services, Inc. (NYSE:AMN) in its Q3 2022 investor letter:

“New positions initiated in Q3 included Ciena Corporation (long), AMN Healthcare Services, Inc. (NYSE:AMN) (short), CBIZ Inc (short), Asana (short) and Palomar (short). AMN Healthcare Services provides workforce solutions and staffing services at healthcare facilities. An unstable healthcare employment environment is driving pricing and volume growth for contract labor, which we believe is unsustainable.”

11. Centene Corporation (NYSE:CNC)

YTD Share Price Decline as of August 13: 17.53%

Number of Hedge Fund Holders: 61

Centene Corporation (NYSE:CNC) is a provider for specialized healthcare plans for uninsured families, military families, and commercial organizations. It manages operations under two segments – Managed Care and Specialty Services. The first segment is focused around providing healthcare plans through government subsidized programs, while the latter provides employee assistance plans for commercial entities. 

On July 28, Centene Corporation (NYSE:CNC) announced a Q2 non-GAAP EPS of $2.10, along with a revenue of $37.61 billion. The revenue exceeded market estimates by $1.07 billion, while the revenue outperformed Street expectations by $0.05. However, based on year-to-date share price decline, Centene Corporation (NYSE:CNC) remains one of the worst performing healthcare stocks this year. 

According to Insider Monkey’s first quarter database, 61 hedge funds were bullish on Centene Corporation (NYSE:CNC). This number was 58 in the previous quarter. Quentin Koffey’s Politan Capital had the largest position in the stock, with 13.3 million shares worth $846 million. 

Heartland Mid Cap Value Fund had this to say about Centene Corporation (NYSE:CNC) in its second quarter 2023 investor letter:

“Healthcare. Centene Corporation (NYSE:CNC) is one of the largest managed health care insurance providers in the U.S. and the largest player in Medicaid. The stock has underperformed this year, as CNC faces reimbursement headwinds including a reduction in its 2024 Medicare Advantage premiums and higher healthcare utilization from the return of elective procedures. Investors also fear a potential loss of insured lives when Medicaid eligibility, which was expanded during the pandemic, gets redetermined in 2023-2024.

CNC’s historical results have lacked the consistency demonstrated by premier large managed care companies. However, since 2021, the company has steadily upgraded its leadership ranks from the CEO on down through the executive ranks and line-of-business leaders. CNC’s executive leadership is composed of industry veterans with a demonstrated record of success. Their executive compensation is clearly aligned with shareholder value creation, and they recently bought large amounts of CNC stock personally in the open market, demonstrating confidence in their prospects. Self-help initiatives are well underway and include noncore divestitures, material expense streamlining, improved digital capabilities, improved provider contracting, and meaningful share repurchases.

In our estimation, the market is too focused on near-term overhangs that will prove temporary and disregards the substantial value creation opportunities that lie ahead. CNC trades at just 10X 2023 earnings compared to peers valued at mid/upper teens P/E ratios. After a brief pause caused by the reimbursement headwinds in 2024, we expect CNC to resume its 12-15% EPS growth rate, comparable to leading industry operators. This should help close the valuation gap.”

10. Organon & Co. (NYSE:OGN)

YTD Share Price Decline as of August 13: 17.53%

Number of Hedge Fund Holders: 33

Organon & Co. (NYSE:OGN) specializes in the provision of healthcare services within the women’s health segment. The range of products comprises therapies and medical devices. On August 8, Organon & Co. (NYSE:OGN) announced a Q2 revenue of $1.61 billion, along with a non-GAAP EPS of $1.31. As of August 13, the stock has dropped 17.53% year-to-date, making Organon & Co. (NYSE:OGN) one of the worst performing healthcare companies in 2023. 

According to Insider Monkey’s first quarter database, 33 hedge funds were long Organon & Co. (NYSE:OGN), as opposed to 37 funds in the earlier quarter. Steven Boyd’s Armistice Capital held the largest position in the company, with 3.2 million shares worth $75.2 million. 

Miller Value Partners Income Strategy made the following comment about Organon & Co. (NYSE:OGN) in its second quarter 2023 investor letter:

“Organon & Co. (NYSE:OGN) dropped in the quarter after it reported 1Q23 revenues of $1.54B, -1.9% Y/Y, in-line with consensus, and Adjusted EPS from continuing operations of $1.08, compared to 1Q22 EPS of $1.65, -7% below consensus of $1.16. Adjusted EBITDA for the quarter came in at $518MM, or a margin of 33.7%, -761bps Y/Y. The company’s Biosimilars segment posted revenue growth of 18% Y/Y, with the strong performance driven by Renflexis, which grew 34% Y/Y excluding the impact of foreign currency (ex-FX) due to continue demand growth in the US and Canada, as well as Brenzys, which posted Y/Y growth of 36% ex-FX as a result of timing of tenders in Brazil. The company maintained its quarterly dividend of $0.28, or a 5.4% annualized yield, and also voluntarily paid down $250MM of debt in the quarter, bringing total debt to $8.7B as of quarter end. Management reiterated FY23 guidance for revenue of $6.30B (+2.0% Y/Y), Adjusted gross margin in the low-mid 60% range, and an Adjusted EBITDA margin of 32.0%, at the respective midpoints.”

9. CVS Health Corporation (NYSE:CVS)

YTD Share Price Decline as of August 8: 19.42%

Number of Hedge Fund Holders: 77

CVS Health Corporation (NYSE:CVS) is a healthcare provider in the United States that provides consumer healthcare plans and benefits, pharmacy services, and retail management solutions for healthcare. On August 2, CVS Health Corporation (NYSE:CVS) reported a non-GAAP EPS of $2.21 and a revenue of $88.92 billion. These financial results outperformed Wall Street expectations by $0.09 and $2.39 billion, respectively. However, CVS Health Corporation (NYSE:CVS) stock has declined nearly 20% year-to-date as of August 13, making it one of the worst performing healthcare entities this year. 

According to Insider Monkey’s first quarter database, a total of 77 hedge funds were bullish on CVS Health Corporation (NYSE:CVS). Comparatively, 70 hedge funds had invested in the stock during the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors was the leading shareholder in the company, with 5.4 million shares worth $406 million.

Coho Partners Relative Value Equity Fund made the following comment about CVS Health Corporation (NYSE:CVS) in its second quarter 2023 investor letter:

“In December of 2017, CVS Health Corporation (NYSE:CVS) agreed to buy Aetna, which broadened its offering by entering the managed care business. CVS has been moving its portfolio to a more value-based outcome model, and Aetna was a major move in that direction. We were willing to accept the leverage that came with the deal because CVS has a very cash generative model, and we anticipated the free cash flow would enable the company to de-lever fairly quickly.

By mid-2022, CVS was in a position to use the free cash flow that had been going to debt repayment to do bolt-on deals to further prepare for the value-based outcome model and/or return more cash to shareholders in the form of higher dividends or share repurchases. However, CVS lost a “star” in its largest Medicare plan in late 2022 and this will adversely impact earnings in 2024. This was a surprise and disappointment to us, but management should be able to regain the “star” in the back half of 2023, which will then give the company a nice tailwind in 2025…” (Click here to read the full text)

8. Integra LifeSciences Holdings Corporation (NASDAQ:IART)

YTD Share Price Decline as of August 13: 21.63%

Number of Hedge Fund Holders: 22

Integra LifeSciences Holdings Corporation (NASDAQ:IART) manufactures medical equipment that is used in surgical procedures, neurocritical care, and wound care. It operates under two segments – Codman Specialty Surgical and Tissue Technologies. On July 27, Integra LifeSciences Holdings Corporation (NASDAQ:IART) reported a Q2 non-GAAP EPS of $0.71, which exceeded market estimates by $0.14. Similarly, the company had a revenue of $381.3 million, which was higher than Street estimates by $7.23 million. 

According to Insider Monkey’s first quarter database, 22 hedge funds were bullish on Integra LifeSciences Holdings Corporation (NASDAQ:IART). In contrast, 20 hedge funds held a similar position in the stock during the previous quarter. Cliff Asness’ AQR Capital Management is the largest shareholder in the company, with 417,380 shares worth $23.7 million.

ClearBridge SMID Cap Growth Strategy said this about Integra LifeSciences Holdings Corporation (NASDAQ:IART) in its Q4 2022 investor letter:

“Integra LifeSciences Holdings Corporation (NASDAQ:IART), a supplier of surgical instruments and implants, was boosted by a broad rebound in health care equipment providers after a difficult year as well as an increase in medical procedures as the economy and health care sector normalize from the restrictions of the COVID-19 pandemic.”

7. Globus Medical, Inc. (NYSE:GMED)

YTD Share Price Decline as of August 13: 22.03%

Number of Hedge Fund Holders: 37

Globus Medical, Inc. (NYSE:GMED) is a provider for medical equipment in the United States and internationally. It supplies solutions for patients with musculoskeletal disorders, such as spine products and fusion implants. On August 3, Globus Medical, Inc. (NYSE:GMED) reported a Q2 non-GAAP EPS of $0.63, along with a revenue of $291.62 million. The financial results were higher than Wall Street estimates by $0.04 and $11.84 million, respectively. 

According to Insider Monkey’s first quarter database, a total of 37 hedge funds were bullish on Globus Medical, Inc. (NYSE:GMED), as compared to 23 in the earlier quarter. David Brown’s Hawk Ridge Management held the largest position in the company, with 1.6 million shares worth $90.3 million. 

Madison Small Cap Fund said this about Globus Medical, Inc. (NYSE:GMED) in its first quarter 2023 investor letter:

“Healthcare, Industrials, and Materials were relative underperformers in the quarter. Healthcare, in particular, had a tough first quarter due to the underperformance of one of our core positions, Globus Medical, Inc. (NYSE:GMED). The company is merging with another spinal implant company, Nuvasive. Investors are concerned about the integration risk of the merger as previous combinations in the space have resulted in share loss. We await more details from the company on the integration plan.”

6. Premier, Inc. (NASDAQ:PINC)

YTD Share Price Decline as of August 13: 23.67%

Number of Hedge Fund Holders: 21

Premier, Inc. (NASDAQ:PINC) provides healthcare products and services, and its operations are divided into two segments – Supply Chain Services and Performance Services. In the first segment, it supplies surgical products, laboratory equipment, pharmaceuticals, and IT products. The second segment provides services and equipment to optimize performance through clinical intelligence. On August 10, Premier, Inc. (NASDAQ:PINC) declared a $0.21 per share quarterly dividend, in line with previous. The dividend is distributable on September 15, to shareholders of record as of September 1. 

According to Insider Monkey’s first quarter database, 21 hedge funds were long Premier, Inc. (NASDAQ:PINC), as compared to 19 in the last quarter. Steve Cohen’s Point72 Asset Management is the largest shareholder in the company, with 1.4 million shares worth $45 million. 

Like Moderna, Inc. (NASDAQ:MRNA), Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), and NovoCure Limited (NASDAQ:NVCR), Premier, Inc. (NASDAQ:PINC) is one of the worst performing stocks in the healthcare sector. 

5. Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE)

YTD Share Price Decline as of August 13: 28.79% 

Number of Hedge Fund Holders: 17

Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) is a biotechnology firm that is currently at the clinical-stage. It develops therapies for neurological disorders and is working on clinical trials for different medications. On August 2, Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) announced a Q2 GAAP loss per share of $0.63, beating Wall Street estimates by $0.06. The stock has plummeted nearly 29% year-to-date as of August 13, making Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) one of the worst performing healthcare companies this year. 

According to Insider Monkey’s first quarter database, 17 hedge funds were bullish on Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE), as compared to 16 in the last quarter. Joseph Edelman’s Perceptive Advisors held the largest share in the company, with 6.5 million shares worth $158.8 million.

4. Pfizer Inc. (NYSE:PFE) 

YTD Share Price Decline as of August 13: 29.69%

Number of Hedge Fund Holders: 73

Pfizer Inc. (NYSE:PFE) is a leading pharmaceutical giant that develops, manufactures, and distributes medicines, vaccines, and therapies globally. On August 1, Pfizer Inc. (NYSE:PFE) announced a Q2 non-GAAP EPS of $0.67, which beat expectations by $0.09. However, revenue was reported at $12.7 billion, which fell short of Wall Street estimates by $700 million. It was reported that this significant decline in revenue is attributable to the lack of sales generated by Paxlovid and Comirnaty, the COVID-19 medication and vaccine. 

According to Insider Monkey’s first quarter database, 73 hedge funds were bullish on Pfizer Inc. (NYSE:PFE). In comparison, this number was 75 in the preceding quarter. Cliff Asness’ AQR Capital Management is a prominent shareholder of the company, with 9.3 million shares valued at $380 million. 

Diamond Hill Capital made the following comment about Pfizer Inc. (NYSE:PFE) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer Inc. (NYSE:PFE), media and technology giant Alphabet, and insurance company American International Group (AIG). Although Pfizer continues to report strong performance of its core drugs, sales of its COVID vaccine and treatment have likely peaked and sales are expected to decline going forward. We remain optimistic about the company long term as we believe management is taking the company in the right direction, focusing R&D, and making strategic acquisitions with profits generated from COVID vaccine sales.”

3. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)

YTD Share Price Decline as of August 13: 35.58%

Number of Hedge Fund Holders: 42

Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is a biotechnology company that focuses on the research and treatment for autoimmune and inflammatory diseases. On July 31, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) announced a Q2 GAAP loss per share of $1.02, which was an improvement over market estimates by $0.30. In line with this, the revenue was reported at $94.9 million, exceeding analysts’ expectations by $23.78 million. 

According to Insider Monkey’s first quarter database, 42 hedge funds were bullish on Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), compared to 38 hedge funds in the last quarter. Kurt Von Emster’s VenBio Select Advisor held the largest position in the company, with 1.1 million shares worth $733 million. 

2. Moderna, Inc. (NASDAQ:MRNA)

YTD Share Price Decline as of August 13: 43.30% 

Number of Hedge Fund Holders: 40

Moderna, Inc. (NASDAQ:MRNA) is another leading pharmaceutical company that develops medicines and vaccines for autoimmune, cardiovascular, cancer, and other infectious diseases. On August 3, Moderna, Inc. (NASDAQ:MRNA) announced a Q2 GAAP loss per share of $3.62, along with a revenue of $344 million, outperforming Wall Street estimates by $0.48 and $38.44 million, respectively. However, the shares have plummeted over 43% year-to-date as of August 13, classifying Moderna, Inc. (NASDAQ:MRNA) as one of the worst performing healthcare stocks this year. 

According to Insider Monkey’s first quarter database, a total of 40 hedge funds were bullish on Moderna, Inc. (NASDAQ:MRNA). In comparison, 52 hedge funds held the stock during the previous quarter. Philippe Laffont’s Coatue Management was the largest shareholder in the company, with 6.5 million stocks valued at $1 billion. 

Baron Health Care Fund made the following comment about Moderna, Inc. (NASDAQ:MRNA) in its Q1 2023 investor letter:

“Moderna, Inc. (NASDAQ:MRNA) is a leader in the emerging field of mRNA-based vaccines and therapeutics and was one of the three main producers of the COVID vaccine. Shares fell during the quarter. We believe as COVID shifts away from pandemic status and becomes an increasingly commercial market (rather than government funded), there is increasing investor uncertainty around what a booster market could look like, which is pressuring shares. Looking beyond COVID, we think Moderna has the potential to disrupt the biopharmaceutical industry, from infectious disease vaccines to oncology, and we remain shareholders.”

1. NovoCure Limited (NASDAQ:NVCR)

YTD Share Price Decline as of August 13: 54.02%

Number of Hedge Fund Holders: 19

NovoCure Limited (NASDAQ:NVCR) focuses on developing solutions to treat tumors and cancer. On July 27, NovoCure Limited (NASDAQ:NVCR) announced a Q2 GAAP loss per share of $0.54, which failed to meet market estimates by $0.04. However, the revenue came in at $126.05 million, surpassing Street consensus by $1.8 million. As of August 13, NovoCure Limited (NASDAQ:NVCR) stock has plummeted 54% year-to-date, making it one of the worst performing healthcare companies this year. 

According to Insider Monkey’s first quarter database, 19 hedge funds were bullish on NovoCure Limited (NASDAQ:NVCR). In contrast, 17 hedge funds invested in the company during the previous quarter. Dmitry Balyasny’s Balyasny Asset Management held the largest share in the company, with 358,029 shares worth $21.5 million.

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Disclosure: None. 15 Worst Performing Healthcare Stocks in 2023 is originally published on Insider Monkey.