Nuvectis Pharma (NASDAQ:NVCT) Given New $11.00 Price Target at HC Wainwright

Nuvectis Pharma (NASDAQ:NVCT) had its price objective cut by stock analysts at HC Wainwright from $21.00 to $11.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 56.58% from the stock’s current price.

Nuvectis Pharma Trading Down 4.6 %

NASDAQ:NVCT traded down $0.34 during trading hours on Tuesday, hitting $7.03. 49,010 shares of the stock were exchanged, compared to its average volume of 119,285. The firm’s fifty day moving average price is $6.14 and its 200 day moving average price is $6.40. Nuvectis Pharma has a 52-week low of $4.44 and a 52-week high of $12.10. The company has a market cap of $135.72 million, a P/E ratio of -6.06 and a beta of 0.22.

Nuvectis Pharma (NASDAQ:NVCT) last announced its earnings results on Tuesday, March 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.08). Equities analysts expect that Nuvectis Pharma will post -1.01 EPS for the current fiscal year.

Insider Activity

In other Nuvectis Pharma news, major shareholder Marlio Charles Mosseri bought 240,000 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $5.00 per share, with a total value of $1,200,000.00. Following the transaction, the insider now owns 2,884,121 shares of the company’s stock, valued at approximately $14,420,605. The trade was a 9.08 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders purchased 261,500 shares of company stock worth $1,300,825. 35.78% of the stock is currently owned by company insiders.

Institutional Trading of Nuvectis Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in NVCT. Cubist Systematic Strategies LLC acquired a new position in Nuvectis Pharma during the fourth quarter worth about $34,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Nuvectis Pharma in the 3rd quarter worth approximately $63,000. Baxter Bros Inc. raised its holdings in Nuvectis Pharma by 20.0% during the fourth quarter. Baxter Bros Inc. now owns 15,000 shares of the company’s stock worth $81,000 after purchasing an additional 2,500 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Nuvectis Pharma during the fourth quarter worth $103,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Nuvectis Pharma in the fourth quarter valued at $135,000. Institutional investors and hedge funds own 96.77% of the company’s stock.

About Nuvectis Pharma

Nuvectis Pharma, Inc, a biopharmaceutical company, focuses on the development of precision medicines for the treatment of serious unmet medical needs in oncology. The company's lead product candidate is NXP800, a novel small molecule that is in Phase 1b clinical trials for the treatment of patients with platinum-resistant, ARID1a-mutated ovarian carcinoma.