Nuvectis Pharma (NASDAQ:NVCT) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Nuvectis Pharma, Inc. (NASDAQ:NVCT) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $20.89 and traded as high as $21.05. Nuvectis Pharma shares last traded at $20.91, with a volume of 257,686 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Nuvectis Pharma from a “hold” rating to a “sell” rating in a research note on Saturday. Lucid Cap Mkts raised Nuvectis Pharma to a “strong-buy” rating in a research note on Tuesday, September 1st. HC Wainwright reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Nuvectis Pharma in a research report on Thursday, September 24th. Weiss Ratings raised shares of Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 21st. Finally, Cantor Fitzgerald began coverage on Nuvectis Pharma in a report on Monday, August 24th. They set an “overweight” rating for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nuvectis Pharma currently has a consensus rating of “Moderate Buy” and an average price target of $36.25.

Nuvectis Pharma Trading Up 17.7%

The firm has a market cap of $682.50 million, a price-to-earnings ratio of -11.06 and a beta of -0.21. The stock has a 50-day moving average of $20.89 and a two-hundred day moving average of $14.88.

Nuvectis Pharma (NASDAQ:NVCT) last posted its earnings results on Wednesday, November 4th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.78). Sell-side analysts expect that Nuvectis Pharma, Inc. will post -1.30 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvectis Pharma

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Nuvectis Pharma during the 2nd quarter worth about $18,414,000. Alyeska Investment Group L.P. bought a new position in Nuvectis Pharma during the second quarter worth about $5,057,000. Stonepine Capital Management LLC bought a new stake in shares of Nuvectis Pharma in the second quarter valued at about $735,600. Bank of New York Mellon Corp acquired a new position in shares of Nuvectis Pharma during the second quarter worth $676,000. Finally, Deutsche Bank AG purchased a new position in Nuvectis Pharma in the second quarter valued at approximately $310,000. Institutional investors and hedge funds own 96.77% of the company’s stock.

About Nuvectis Pharma

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer, with an emphasis on cancers that have limited therapeutic options. The company is headquartered in Fort Lee, New Jersey, and its common stock trades on the Nasdaq Capital Market under the symbol NVCT.

Nuvectis Pharma’s lead product candidate is NXP800, an orally administered small-molecule inhibitor of heat shock protein 90 (HSP90). The company is evaluating NXP800 in clinical studies for certain advanced solid tumors, including platinum-resistant ovarian cancer and cholangiocarcinoma.