NanoViricides (NYSE:NNVC) Stock Price Down 2.2% – Time to Sell?

NanoViricides, Inc. (NYSE:NNVC) shares fell 2.2% during trading on Thursday . The stock traded as low as $1.30 and last traded at $1.31. Approximately 203,050 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 536,981 shares. The stock had previously closed at $1.34.

Wall Street Analysts Forecast Growth

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

NanoViricides Stock Up 1.5%

The firm has a market cap of $30.57 million, a price-to-earnings ratio of -1.85 and a beta of 1.67. The stock’s 50 day moving average is $1.46 and its 200 day moving average is $1.29.

Hedge Funds Weigh In On NanoViricides

Several hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP lifted its holdings in shares of NanoViricides by 37.4% in the third quarter. Susquehanna International Group LLP now owns 52,217 shares of the company’s stock valued at $75,000 after buying an additional 14,217 shares during the period. State Street Corp grew its holdings in NanoViricides by 29.4% during the fourth quarter. State Street Corp now owns 54,206 shares of the company’s stock worth $61,000 after acquiring an additional 12,300 shares during the period. Miller Financial Services LLC bought a new stake in NanoViricides in the fourth quarter worth about $81,000. Jane Street Group LLC bought a new stake in NanoViricides in the fourth quarter worth about $140,000. Finally, BlackRock Inc. acquired a new stake in NanoViricides in the 2nd quarter valued at about $219,000. 10.30% of the stock is currently owned by institutional investors and hedge funds.

NanoViricides Company Profile

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.