Nuvectis Pharma (NASDAQ:NVCT) Trading Down 5.6% – Here’s What Happened

Nuvectis Pharma, Inc. (NASDAQ:NVCT) traded down 5.6% during mid-day trading on Tuesday . The stock traded as low as $22.31 and last traded at $22.04. 5,146 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 168,121 shares. The stock had previously closed at $23.35.

Analyst Upgrades and Downgrades

NVCT has been the subject of several research analyst reports. Lucid Cap Mkts upgraded shares of Nuvectis Pharma to a “strong-buy” rating in a research report on Tuesday, September 1st. Cantor Fitzgerald began coverage on Nuvectis Pharma in a research note on Monday, August 24th. They issued an “overweight” rating on the stock. UBS Group set a $33.00 price objective on Nuvectis Pharma in a research note on Monday, July 6th. Roth Capital lifted their target price 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, Loop Capital set a $40.00 target price on shares of Nuvectis Pharma in a research report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $36.25.

Nuvectis Pharma Stock Down 4.7%

The stock has a 50-day moving average of $21.16 and a 200 day moving average of $14.50. The stock has a market cap of $726.17 million, a PE ratio of -16.97 and a beta of -0.26.

Nuvectis Pharma (NASDAQ:NVCT) last issued its 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 forecast that Nuvectis Pharma, Inc. will post -1.01 EPS for the current fiscal year.

Insider Activity at Nuvectis Pharma

In other news, CEO Ron Bentsur purchased 12,500 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $250,000.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Marlio Charles Mosseri acquired 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired at an average price of $18.32 per share, for a total transaction of $916,000.00. Following the completion of the acquisition, the insider directly owned 3,186,576 shares of the company’s stock, valued at $58,378,072.32. The trade was a 1.59% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 28.55% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Nuvectis Pharma in the 2nd quarter valued at $18,414,000. Occam Crest Management LP lifted its holdings in Nuvectis Pharma by 31.0% during the 4th quarter. Occam Crest Management LP now owns 380,000 shares of the company’s stock worth $2,869,000 after buying an additional 90,000 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Nuvectis Pharma in the 2nd quarter valued at approximately $5,057,000. Stonepine Capital Management LLC purchased a new stake in shares of Nuvectis Pharma during the second quarter worth $735,600. Finally, Bank of New York Mellon Corp acquired a new position in Nuvectis Pharma during the 2nd quarter worth $676,000. 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 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.