HC Wainwright Reiterates $10.00 Price Target for Nuvectis Pharma (NASDAQ:NVCT)

Key Points

• HC Wainwright has lowered the price target for Nuvectis Pharma (NASDAQ:NVCT) from $15.00 to $10.00 while maintaining a "buy" rating, suggesting a potential upside of 42.25% from its last close.
• In a separate report, Wall Street Zen downgraded Nuvectis Pharma from a "hold" to a "sell" rating ahead of its quarterly results.
• Nuvectis Pharma's major shareholder, Marlio Charles Mosseri, recently acquired 5,603 shares at an average price of $7.99, increasing their total ownership of the company stock.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) has been assigned a $10.00 price objective by equities research analysts at HC Wainwright in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 54.80% from the company's previous close.

Separately, Wall Street Zen lowered Nuvectis Pharma from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th.

Nuvectis Pharma Stock Performance

Shares of NVCT stock opened at $6.46 on Monday. The company has a market capitalization of $134.95 million, a price-to-earnings ratio of -5.52 and a beta of -0.26. Nuvectis Pharma has a 52-week low of $4.44 and a 52-week high of $11.80. The company has a 50-day simple moving average of $8.02 and a two-hundred day simple moving average of $8.24.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). On average, sell-side analysts forecast that Nuvectis Pharma will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling at Nuvectis Pharma

In related news, major shareholder Marlio Charles Mosseri purchased 28,043 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was bought at an average price of $8.05 per share, for a total transaction of $225,746.15. Following the purchase, the insider directly owned 2,976,203 shares in the company, valued at approximately $23,958,434.15. This trade represents a 0.95% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have purchased 60,212 shares of company stock worth $485,964. 30.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvectis Pharma

Institutional investors and hedge funds have recently bought and sold shares of the company. Baldwin Wealth Partners LLC MA raised its stake in shares of Nuvectis Pharma by 0.7% in the first quarter. Baldwin Wealth Partners LLC MA now owns 358,461 shares of the company's stock valued at $3,502,000 after buying an additional 2,500 shares during the period. Iridian Asset Management LLC CT purchased a new stake in Nuvectis Pharma in the 1st quarter worth about $2,481,000. Marshall Wace LLP increased its holdings in Nuvectis Pharma by 191.0% in the 4th quarter. Marshall Wace LLP now owns 124,571 shares of the company's stock worth $674,000 after acquiring an additional 81,757 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in Nuvectis Pharma in the 1st quarter valued at about $446,000. Finally, Jane Street Group LLC purchased a new stake in Nuvectis Pharma during the first quarter valued at about $413,000. 96.77% of the stock is owned by institutional investors.

Nuvectis Pharma Company Profile

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.