Nuvectis Pharma (NASDAQ:NVCT) Shares Down 7.5% – Here’s Why
by Scott Moore · The Cerbat GemNuvectis Pharma, Inc. (NASDAQ:NVCT – Get Free Report)’s stock price dropped 7.5% during trading on Wednesday. The company traded as low as $21.53 and last traded at $21.2710. 28,119 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 172,077 shares. The stock had previously closed at $23.00.
Analysts Set New Price Targets
A number of research firms have issued reports on NVCT. Loop Capital set a $40.00 price objective on Nuvectis Pharma in a research note on Tuesday, September 1st. UBS Group set a $33.00 price target on shares of Nuvectis Pharma in a research report on Monday, July 6th. Weiss Ratings raised shares of Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Roth Capital lifted their price objective on shares of Nuvectis Pharma from $20.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Finally, HC Wainwright restated a “buy” rating and set a $39.00 target price on shares of Nuvectis Pharma in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.25.
View Our Latest Report on NVCT
Nuvectis Pharma Trading Up 2.7%
The stock has a 50 day moving average of $21.65 and a 200-day moving average of $15.23. The stock has a market capitalization of $706.00 million, a P/E ratio of -16.51 and a beta of -0.26.
Nuvectis Pharma (NASDAQ:NVCT – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.04). Research analysts anticipate that Nuvectis Pharma, Inc. will post -1.01 EPS for the current year.
Insider Activity
In related news, major shareholder Marlio Charles Mosseri bought 50,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were acquired at an average cost of $18.32 per share, for a total transaction of $916,000.00. Following the purchase, the insider directly owned 3,186,576 shares of the company’s stock, valued at approximately $58,378,072.32. The trade was a 1.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ron Bentsur purchased 12,500 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were bought at an average cost of $20.00 per share, with a total value of $250,000.00. Following the purchase, the chief executive officer directly owned 3,688,424 shares of the company’s stock, valued at approximately $73,768,480. This represents a 0.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 28.55% of the stock is owned by insiders.
Institutional Investors Weigh In On Nuvectis Pharma
Several hedge funds have recently modified their holdings of NVCT. BlackRock Inc. purchased a new stake in Nuvectis Pharma in the second quarter valued at about $18,414,000. Alyeska Investment Group L.P. acquired a new stake in shares of Nuvectis Pharma during the second quarter worth $5,057,000. Occam Crest Management LP grew its holdings in shares of Nuvectis Pharma by 31.0% during the fourth quarter. Occam Crest Management LP now owns 380,000 shares of the company’s stock valued at $2,869,000 after buying an additional 90,000 shares during the last quarter. Stonepine Capital Management LLC purchased a new stake in shares of Nuvectis Pharma during the second quarter valued at $735,600. Finally, Bank of New York Mellon Corp acquired a new position in shares of Nuvectis Pharma in the 2nd quarter valued at $676,000. Hedge funds and other institutional investors own 96.77% of the company’s stock.
About Nuvectis Pharma
Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer and other serious diseases with limited therapeutic options. The company’s research and development efforts are centered on small-molecule medicines designed to target biological pathways involved in tumor growth and treatment resistance.
Nuvectis’ lead programs include NXP800, an investigational inhibitor of the heat shock factor 1 pathway being evaluated for potential use in selected solid tumors, and NXP900, an investigational inhibitor of the SRC and YES1 protein kinases.