Nuvectis Pharma, Inc. (NASDAQ:NVCT) Sees Significant Drop in Short Interest

Key Points

• Nuvectis Pharma, Inc. experienced a significant decline in short interest, with a drop of 59.8% in July, reducing to 1,060,000 shares by the end of the month.
• Research analysts have given mixed ratings, with Wall Street Zen downgrading the stock from "hold" to "sell," while HC Wainwright has set a reduced target price of $10.00 with a "buy" rating.
• Insiders and institutional investors are actively trading the stock, with major shareholder Marlio Charles Mosseri acquiring 28,043 shares recently, and large investors like Oppenheimer & Co. increasing their stake by 64%.

Nuvectis Pharma, Inc. (NASDAQ:NVCT - Get Free Report) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 1,060,000 shares, adeclineof59.8% from the July 15th total of 2,640,000 shares. Approximately7.7% of the company's shares are short sold. Based on an average trading volume of 172,100 shares, the days-to-cover ratio is currently 6.2 days. Based on an average trading volume of 172,100 shares, the days-to-cover ratio is currently 6.2 days. Approximately7.7% of the company's shares are short sold.

Nuvectis Pharma Trading Down 3.1%

Shares of NASDAQ:NVCT traded down $0.20 during midday trading on Thursday, reaching $6.34. 33,478 shares of the company were exchanged, compared to its average volume of 153,855. Nuvectis Pharma has a fifty-two week low of $4.44 and a fifty-two week high of $11.80. The stock has a fifty day simple moving average of $7.45 and a two-hundred day simple moving average of $8.23.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.05). As a group, research analysts forecast that Nuvectis Pharma will post -1.01 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Marlio Charles Mosseri acquired 28,043 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was purchased at an average cost of $8.05 per share, for a total transaction of $225,746.15. Following the completion of the transaction, the insider directly owned 2,976,203 shares in the company, valued at $23,958,434.15. This trade represents a 0.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders acquired a total of 39,045 shares of company stock worth $314,300 over the last quarter. Corporate insiders own 30.52% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Baldwin Wealth Partners LLC MA raised its position in Nuvectis Pharma by 0.7% during the first quarter. Baldwin Wealth Partners LLC MA now owns 358,461 shares of the company's stock worth $3,502,000 after acquiring an additional 2,500 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Nuvectis Pharma in the second quarter valued at approximately $28,000. JPMorgan Chase & Co. raised its position in shares of Nuvectis Pharma by 3,398.9% in the second quarter. JPMorgan Chase & Co. now owns 6,263 shares of the company's stock valued at $47,000 after purchasing an additional 6,084 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Nuvectis Pharma in the fourth quarter valued at about $34,000. Finally, Bank of America Corp DE raised its position in shares of Nuvectis Pharma by 417.2% in the second quarter. Bank of America Corp DE now owns 8,565 shares of the company's stock valued at $64,000 after purchasing an additional 6,909 shares during the period. Institutional investors and hedge funds own 96.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on NVCT shares. HC Wainwright dropped their price objective on Nuvectis Pharma from $15.00 to $10.00 and set a "buy" rating for the company in a report on Monday, August 4th. Wall Street Zen downgraded shares of Nuvectis Pharma from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $15.33.

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.