Nuvectis Pharma (NASDAQ:NVCT) Stock Falls 6.8% – Here’s Why

Nuvectis Pharma, Inc. (NASDAQ:NVCT) traded down 6.8% during mid-day trading on Tuesday. The company traded as low as $18.01 and last traded at $18.35. 76,483 shares traded hands during trading, a decline of 56% from the average session volume of 172,664 shares. The stock had previously closed at $19.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NVCT shares. Weiss Ratings upgraded shares of Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 21st. Cantor Fitzgerald began coverage on shares of Nuvectis Pharma in a research report on Monday, August 24th. They issued an “overweight” rating on the stock. Loop Capital set a $40.00 price target on Nuvectis Pharma in a research note on Tuesday, September 1st. Lucid Cap Mkts raised Nuvectis Pharma to a “strong-buy” rating in a report on Tuesday, September 1st. Finally, Roth Capital lifted their target price on Nuvectis Pharma from $20.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.25.

Nuvectis Pharma Stock Down 0.8%

The company’s 50 day moving average price is $21.73 and its 200-day moving average price is $16.38.

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). On average, research analysts expect that Nuvectis Pharma, Inc. will post -1.01 earnings per share for the current year.

Institutional Investors Weigh In On Nuvectis Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in shares of Nuvectis Pharma by 10.2% in the first quarter. Bank of America Corp DE now owns 14,847 shares of the company’s stock valued at $115,000 after acquiring an additional 1,377 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Nuvectis Pharma during the second quarter valued at approximately $31,000. Avalon Trust Co bought a new stake in Nuvectis Pharma during the second quarter worth $257,000. Deutsche Bank AG bought a new stake in Nuvectis Pharma during the second quarter worth $310,000. Finally, Bank of New York Mellon Corp bought a new stake in Nuvectis Pharma during the second quarter worth $676,000. Hedge funds and other 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.