Nuvectis Pharma (NASDAQ:NVCT) Issues 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) released its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.05), Zacks reports.

Nuvectis Pharma Price Performance

Nuvectis Pharma stock traded down $0.20 during mid-day trading on Tuesday, hitting $7.10. 85,335 shares of the company were exchanged, compared to its average volume of 144,566. The business's 50 day simple moving average is $8.14 and its two-hundred day simple moving average is $8.26. The company has a market capitalization of $148.21 million, a P/E ratio of -6.27 and a beta of -0.26. Nuvectis Pharma has a 12-month low of $4.44 and a 12-month high of $11.80.

Analyst Ratings Changes

A number of research firms have weighed in on NVCT. HC Wainwright decreased their price objective on Nuvectis Pharma from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Monday. Wall Street Zen downgraded Nuvectis Pharma from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th.

Insiders Place Their Bets

In related news, major shareholder Marlio Charles Mosseri purchased 28,043 shares of the company's stock in a transaction on 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 completion of the transaction, the insider owned 2,976,203 shares of the company's stock, valued at approximately $23,958,434.15. This represents a 0.95% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired a total of 62,862 shares of company stock worth $508,887 over the last ninety days. Company insiders own 30.52% of the company's stock.

Institutional Investors Weigh In On Nuvectis Pharma

An institutional investor recently bought a new position in Nuvectis Pharma stock. Goldman Sachs Group Inc. acquired a new position in shares of Nuvectis Pharma, Inc. (NASDAQ:NVCT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 45,608 shares of the company's stock, valued at approximately $446,000. Goldman Sachs Group Inc. owned approximately 0.22% of Nuvectis Pharma at the end of the most recent reporting period. 96.77% of the stock is currently owned by hedge funds and other 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.

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