Nuvectis Pharma (NASDAQ:NVCT) Trading Down 7.5% – Here’s What Happened

Nuvectis Pharma, Inc. (NASDAQ:NVCT)’s share price fell 7.5% during trading on Wednesday . The company traded as low as $21.53 and last traded at $21.2710. Approximately 28,119 shares changed hands during trading, a decline of 84% from the average daily volume of 172,077 shares. The stock had previously closed at $23.00.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NVCT. Lucid Cap Mkts upgraded shares of Nuvectis Pharma to a “strong-buy” rating in a report on Tuesday, September 1st. HC Wainwright upped their price objective on shares of Nuvectis Pharma from $13.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Loop Capital set a $40.00 target price on shares of Nuvectis Pharma in a research report on Tuesday, September 1st. Roth Capital boosted their price target on Nuvectis Pharma from $20.00 to $33.00 and gave the company a “buy” rating in a report on Monday, July 6th. Finally, UBS Group set a $33.00 price objective on Nuvectis Pharma in a report on Monday, July 6th. 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.com, Nuvectis Pharma has an average rating of “Moderate Buy” and a consensus target price of $36.25.

Nuvectis Pharma Stock Down 6.8%

The stock has a market cap of $699.80 million, a price-to-earnings ratio of -16.32 and a beta of -0.26. The stock has a fifty day moving average of $21.56 and a two-hundred day moving average of $15.05.

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

Insider Activity at Nuvectis Pharma

In other Nuvectis Pharma news, major shareholder Marlio Charles Mosseri purchased 50,000 shares of Nuvectis Pharma stock in a transaction on Tuesday, June 30th. The shares were purchased at an average cost of $18.32 per share, with a total value of $916,000.00. Following the completion of the transaction, the insider directly owned 3,186,576 shares in the company, valued at approximately $58,378,072.32. This represents a 1.59% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ron Bentsur acquired 12,500 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were acquired at an average price of $20.00 per share, with a total value of $250,000.00. Following the completion of the purchase, the chief executive officer owned 3,688,424 shares of the company’s stock, valued at $73,768,480. This trade represents a 0.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 28.55% of the company’s stock.

Institutional Investors Weigh In On Nuvectis Pharma

A number of large investors have recently modified their holdings of NVCT. Bank of America Corp DE boosted 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 last quarter. Legal & General Group Plc acquired a new position in shares of Nuvectis Pharma in the 2nd quarter valued at approximately $31,000. Avalon Trust Co purchased a new position in shares of Nuvectis Pharma during the 2nd quarter valued at approximately $257,000. Deutsche Bank AG purchased a new position in shares of Nuvectis Pharma during the 2nd quarter valued at approximately $310,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Nuvectis Pharma during the second quarter worth approximately $676,000. Institutional investors and hedge funds 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.