Nuvectis Pharma (NASDAQ:NVCT) Shares Gap Up – Should You Buy?

Nuvectis Pharma, Inc. (NASDAQ:NVCT)’s stock price gapped up before the market opened on Monday. The stock had previously closed at $20.13, but opened at $21.12. Nuvectis Pharma shares last traded at $21.20, with a volume of 1,499 shares.

Analyst Ratings Changes

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

Nuvectis Pharma Trading Down 7.8%

The stock’s 50-day simple moving average is $21.75 and its 200-day simple moving average is $16.31.

Nuvectis Pharma (NASDAQ:NVCT) last announced its 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). Sell-side analysts expect that Nuvectis Pharma, Inc. will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On Nuvectis Pharma

A number of hedge funds have recently added to or reduced their stakes in NVCT. Alyeska Investment Group L.P. bought a new position in Nuvectis Pharma in the second quarter valued at approximately $5,057,000. Stonepine Capital Management LLC acquired a new position in Nuvectis Pharma during the second quarter valued at approximately $735,600. Bank of America Corp DE acquired a new position in Nuvectis Pharma during the second quarter valued at approximately $218,000. Legal & General Group Plc bought a new stake in Nuvectis Pharma during the second quarter worth $31,000. Finally, BlackRock Inc. bought a new stake in Nuvectis Pharma during the second quarter worth $18,414,000. Institutional investors own 96.77% of the company’s stock.

About Nuvectis Pharma

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.