NanoViricides (NYSE:NNVC) Stock Price Down 4.3% – Here’s Why

NanoViricides, Inc. (NYSE:NNVC)’s share price traded down 4.3% during trading on Wednesday . The company traded as low as $1.52 and last traded at $1.54. Approximately 168,679 shares changed hands during trading, a decline of 70% from the average session volume of 565,252 shares. The stock had previously closed at $1.61.

Wall Street Analysts Forecast Growth

Separately, Noble Financial initiated coverage on shares of NanoViricides in a research report on Monday, July 6th. They issued an “outperform” rating and a $6.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $6.00.

NanoViricides Price Performance

The firm’s 50-day simple moving average is $1.51 and its two-hundred day simple moving average is $1.26. The company has a market capitalization of $34.93 million, a price-to-earnings ratio of -2.11 and a beta of 1.67.

Institutional Investors Weigh In On NanoViricides

Institutional investors and hedge funds have recently made changes to their positions in the business. Armistice Capital LLC purchased a new stake in NanoViricides in the 4th quarter worth approximately $1,546,000. Geode Capital Management LLC lifted its stake in shares of NanoViricides by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 174,371 shares of the company’s stock worth $197,000 after purchasing an additional 14,944 shares during the period. Jane Street Group LLC acquired a new stake in shares of NanoViricides during the fourth quarter worth $140,000. Miller Financial Services LLC purchased a new stake in shares of NanoViricides in the fourth quarter valued at $81,000. Finally, State Street Corp grew its position in shares of NanoViricides by 29.4% in the fourth quarter. State Street Corp now owns 54,206 shares of the company’s stock valued at $61,000 after purchasing an additional 12,300 shares during the period. 10.30% of the stock is currently owned by hedge funds and other institutional investors.

About NanoViricides

NanoViricides, Inc is a clinical-stage biotechnology company focused on the development of novel antiviral therapies using its proprietary nanomicelle technology. The company designs polymeric, virus-targeted nanoviricides that seek to neutralize viral pathogens by binding to specific viral surface proteins and destroying their structural integrity. NanoViricides’ platform is intended to offer broad-spectrum activity against a range of enveloped viruses, positioning it as a potential solution for both existing and emerging viral threats.

The company’s pipeline includes preclinical and early clinical candidates targeting seasonal and pandemic influenza strains, as well as investigational programs for coronaviruses, hepatitis, dengue, HIV and other viruses.