Nuvectis Pharma (NASDAQ:NVCT) Trading Down 7.7% – Here’s What Happened

Nuvectis Pharma, Inc. (NASDAQ:NVCT) fell 7.7% during mid-day trading on Friday . The company traded as low as $25.00 and last traded at $25.7120. Approximately 90,266 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 96,170 shares. The stock had previously closed at $27.87.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NVCT. Wall Street Zen raised Nuvectis Pharma from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. HC Wainwright boosted their price objective on Nuvectis Pharma from $13.00 to $39.00 and gave the stock a “buy” rating in a report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvectis Pharma in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $39.00.

Nuvectis Pharma Price Performance

The firm’s fifty day moving average is $11.09 and its 200 day moving average is $9.28. The firm has a market capitalization of $664.68 million, a price-to-earnings ratio of -19.44 and a beta of -0.07.

Nuvectis Pharma (NASDAQ:NVCT) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.04. Equities research analysts forecast that Nuvectis Pharma, Inc. will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvectis Pharma

A number of hedge funds have recently added to or reduced their stakes in NVCT. Goldman Sachs Group Inc. acquired a new stake in Nuvectis Pharma in the first quarter valued at approximately $446,000. Jane Street Group LLC bought a new position in shares of Nuvectis Pharma during the 1st quarter valued at $413,000. Geode Capital Management LLC lifted its stake in shares of Nuvectis Pharma by 110.8% in the 2nd quarter. Geode Capital Management LLC now owns 285,332 shares of the company’s stock valued at $2,132,000 after purchasing an additional 149,999 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Nuvectis Pharma by 3,398.9% in the second quarter. JPMorgan Chase & Co. now owns 6,263 shares of the company’s stock worth $47,000 after purchasing an additional 6,084 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Nuvectis Pharma during the second quarter worth $97,000. Institutional investors and hedge funds own 96.77% of the company’s stock.

About Nuvectis Pharma

Nuvectis Pharma is a clinical-stage biotechnology company focused on the development of novel peptide-based therapeutics using its proprietary Cellporting delivery platform. The company’s core technology is designed to facilitate the transport of therapeutic proteins and peptides across cellular membranes and into target intracellular compartments, including the nucleus. By overcoming a key barrier in biologics delivery, Nuvectis aims to expand the range of treatable diseases with macromolecular drugs that have traditionally been limited by poor cellular uptake.

The Nuvectis pipeline encompasses multiple preclinical and early-stage clinical programs targeting rare genetic and metabolic disorders.