Nuvectis Pharma (NASDAQ:NVCT) Stock Falls 6.8% – Here’s What Happened

Nuvectis Pharma, Inc. (NASDAQ:NVCT)’s share price traded down 6.8% during trading on Tuesday. The stock traded as low as $18.01 and last traded at $18.35. 76,483 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 172,664 shares. The stock had previously closed at $19.69.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Loop Capital set a $40.00 target price on Nuvectis Pharma in a report on Tuesday, September 1st. Roth Capital increased their target price on shares of Nuvectis Pharma from $20.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Cantor Fitzgerald initiated coverage on shares of Nuvectis Pharma in a research report on Monday, August 24th. They issued an “overweight” rating on the stock. Lucid Cap Mkts upgraded shares of Nuvectis Pharma to a “strong-buy” rating in a research note on Tuesday, September 1st. Finally, Weiss Ratings upgraded shares of Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.25.

Nuvectis Pharma Stock Down 6.4%

The business’s fifty day moving average is $21.79 and its two-hundred day moving average is $16.24. The firm has a market cap of $601.40 million, a price-to-earnings ratio of -14.07 and a beta of -0.24.

Nuvectis Pharma (NASDAQ:NVCT) last released its earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.04). Research analysts forecast that Nuvectis Pharma, Inc. will post -1.01 EPS for the current year.

Institutional Trading of Nuvectis Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Nuvectis Pharma in the 2nd quarter valued at approximately $18,414,000. Alyeska Investment Group L.P. bought a new position in shares of Nuvectis Pharma during the second quarter worth approximately $5,057,000. Bank of New York Mellon Corp acquired a new position in Nuvectis Pharma in the second quarter valued at about $676,000. Stonepine Capital Management LLC bought a new position in Nuvectis Pharma in the second quarter valued at approximately $735,600. Finally, Occam Crest Management LP lifted its holdings in shares of Nuvectis Pharma by 31.0% in the fourth quarter. Occam Crest Management LP now owns 380,000 shares of the company’s stock worth $2,869,000 after acquiring an additional 90,000 shares during the last quarter. 96.77% of the stock is currently owned by institutional investors and hedge funds.

Nuvectis Pharma Company Profile

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for patients with cancer and other serious unmet medical needs. The company’s research and development programs are centered on novel small-molecule medicines designed to target biological pathways involved in tumor growth and treatment resistance.

Nuvectis’ lead product candidate, NXP800, is an orally administered investigational inhibitor of the heat shock factor 1 pathway. It is being evaluated in clinical studies for advanced solid tumors, including ovarian cancer and other tumor types in which this pathway may play a role.