Nuvectis Pharma (NASDAQ:NVCT) Shares Up 2.2% - Time to Buy?

Key Points

• Nuvectis Pharma's shares rose by 2.2% on Friday, with the stock trading at approximately $6.08, despite a 30% decrease in trading volume from its average.
• Despite being rated as a "Buy" by three analysts, Wall Street Zen downgraded the stock from "hold" to "sell" while HC Wainwright lowered its price target from $15.00 to $10.00.
• The company focuses on developing precision medicines for oncology and its lead candidate, NXP800, is currently in Phase 1b clinical trials.

Nuvectis Pharma, Inc. (NASDAQ:NVCT - Get Free Report)'s share price shot up 2.2% on Friday . The stock traded as high as $6.14 and last traded at $6.08. 61,771 shares were traded during trading, a decline of 30% from the average session volume of 88,363 shares. The stock had previously closed at $5.95.

Analyst Upgrades and Downgrades

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

Nuvectis Pharma Trading Up 2.2%

The firm has a market cap of $154.78 million, a price-to-earnings ratio of -5.20 and a beta of -0.27. The stock has a fifty day moving average price of $6.64 and a 200 day moving average price of $8.12.

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). On average, sell-side analysts forecast that Nuvectis Pharma, Inc. will post -1.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Baldwin Wealth Partners LLC MA increased its holdings in shares of Nuvectis Pharma by 0.7% during the 1st quarter. Baldwin Wealth Partners LLC MA now owns 358,461 shares of the company's stock valued at $3,502,000 after acquiring an additional 2,500 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Nuvectis Pharma during the 2nd quarter valued at about $28,000. JPMorgan Chase & Co. increased its holdings in shares of Nuvectis Pharma by 3,398.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,263 shares of the company's stock valued at $47,000 after acquiring an additional 6,084 shares during the last quarter. Bank of America Corp DE boosted its stake in Nuvectis Pharma by 417.2% during the 2nd 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Nuvectis Pharma during the 2nd quarter valued at approximately $53,000. Institutional investors and hedge funds own 96.77% of the company's stock.

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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