Nuvectis Pharma (NASDAQ:NVCT) Shares Down 10.4% – Here’s Why

Nuvectis Pharma, Inc. (NASDAQ:NVCT)’s stock price dropped 10.4% during mid-day trading on Monday. The stock traded as low as $18.08 and last traded at $17.9730. 197,345 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 173,017 shares. The stock had previously closed at $20.05.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. UBS Group set a $33.00 price objective on Nuvectis Pharma in a report on Monday, July 6th. Roth Capital raised their price target on shares of Nuvectis Pharma from $20.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, July 6th. HC Wainwright restated a “buy” rating and set a $39.00 price target on shares of Nuvectis Pharma in a research report on Thursday, September 24th. Weiss Ratings raised Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 21st. Finally, Loop Capital set a $40.00 price objective on Nuvectis Pharma in a research report on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

Nuvectis Pharma Trading Down 7.6%

The stock has a market cap of $604.66 million, a PE ratio of -14.13 and a beta of -0.24. The business has a 50 day moving average of $21.82 and a 200-day moving average of $16.98.

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

Institutional Investors Weigh In On Nuvectis Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of NVCT. Bank of America Corp DE grew its holdings in Nuvectis Pharma by 10.2% in the first quarter. Bank of America Corp DE now owns 14,847 shares of the company’s stock valued at $115,000 after purchasing an additional 1,377 shares during the period. Legal & General Group Plc acquired a new stake in Nuvectis Pharma in the second quarter valued at $31,000. Avalon Trust Co acquired a new stake in shares of Nuvectis Pharma during the 2nd quarter valued at approximately $257,000. Iridian Asset Management LLC CT lifted its holdings in Nuvectis Pharma by 2.1% in the third quarter. Iridian Asset Management LLC CT now owns 793,207 shares of the company’s stock worth $16,753,000 after acquiring an additional 16,129 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in Nuvectis Pharma in the 2nd quarter valued at about $310,000. 96.77% of the stock is currently owned by hedge funds and other institutional investors.

About Nuvectis Pharma

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer, with an emphasis on cancers that have limited therapeutic options. The company is headquartered in Fort Lee, New Jersey, and its common stock trades on the Nasdaq Capital Market under the symbol NVCT.

Nuvectis Pharma’s lead product candidate is NXP800, an orally administered small-molecule inhibitor of heat shock protein 90 (HSP90). The company is evaluating NXP800 in clinical studies for certain advanced solid tumors, including platinum-resistant ovarian cancer and cholangiocarcinoma.