Nuvectis Pharma (NASDAQ:NVCT) Announces Earnings Results, Misses Estimates By $0.05 EPS

Key Points

• Nuvectis Pharma reported quarterly earnings of ($0.30) per share, missing analysts' expectations by $0.05 EPS.
• The company's stock traded down to $7.10, with a 12-month high of $11.80 and a market capitalization of $148.21 million.
• Recent analyst updates include a price target reduction from $15.00 to $10.00, and major shareholder Marlio Charles Mosseri increased his stake by acquiring 28,043 shares.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05), Zacks reports.

Nuvectis Pharma Trading Down 2.8%

Shares of NASDAQ:NVCT traded down $0.17 on Friday, reaching $6.00. 177,460 shares of the company's stock were exchanged, compared to its average volume of 226,409. The company has a fifty day moving average of $7.90 and a 200-day moving average of $8.26. Nuvectis Pharma has a twelve month low of $4.44 and a twelve month high of $11.80. The company has a market capitalization of $152.76 million, a price-to-earnings ratio of -5.13 and a beta of -0.26.

Analyst Ratings Changes

Several research firms recently commented on NVCT. Wall Street Zen cut shares of Nuvectis Pharma from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th. HC Wainwright cut their price target on shares of Nuvectis Pharma from $15.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, August 4th.

Insider Activity

In other news, major shareholder Marlio Charles Mosseri purchased 28,043 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was bought at an average price of $8.05 per share, with a total value of $225,746.15. Following the acquisition, the insider owned 2,976,203 shares in the company, valued at approximately $23,958,434.15. The trade was a 0.95% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have purchased 60,212 shares of company stock worth $485,964. Corporate insiders own 30.52% of the company's stock.

Institutional Trading of Nuvectis Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Nuvectis Pharma by 110.8% in the second quarter. Geode Capital Management LLC now owns 285,332 shares of the company's stock valued at $2,132,000 after buying an additional 149,999 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Nuvectis Pharma during the first quarter valued at $446,000. Finally, Jane Street Group LLC bought a new position in shares of Nuvectis Pharma during the first quarter valued at $413,000. Institutional investors 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.