Nuvectis Pharma (NASDAQ:NVCT) Shares Down 10.4% - What's Next?

Key Points

• Nuvectis Pharma shares fell 10.4% to approximately $17.97, with trading volume rising 14% above the daily average. The company has a market capitalization of about $604.7 million.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $36.25, despite one Sell rating.
• The clinical-stage biotech missed its latest quarterly earnings estimate, reporting a loss of $0.30 per share versus the expected $0.26 loss. Institutional investors own 96.77% of the stock, while the company continues developing its lead cancer drug candidate, NXP800.

Nuvectis Pharma, Inc. (NASDAQ:NVCT - Get Free Report) dropped 10.4% during trading on Monday. The company traded as low as $18.08 and last traded at $17.9730. 197,345 shares changed hands during mid-day trading, an increase of 14% from the average daily volume of 173,017 shares. The stock had previously closed at $20.05.

Wall Street Analysts Forecast Growth

NVCT has been the topic of a number of research analyst reports. Loop Capital set a $40.00 target price on Nuvectis Pharma in a report on Tuesday, September 1st. Roth Capital lifted their target price on shares of Nuvectis Pharma from $20.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Cantor Fitzgerald initiated coverage on shares of Nuvectis Pharma in a research note on Monday, August 24th. They issued an "overweight" rating for the company. HC Wainwright reiterated a "buy" rating and issued a $39.00 price target on shares of Nuvectis Pharma in a report on Thursday, September 24th. Finally, UBS Group set a $33.00 price objective on Nuvectis Pharma in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.25.

Nuvectis Pharma Stock Down 7.6%

The firm has a market capitalization of $604.66 million, a PE ratio of -14.13 and a beta of -0.24. The company has a 50-day moving average of $21.82 and a 200 day moving average of $16.98.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.04). As a group, equities analysts anticipate that Nuvectis Pharma, Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of Nuvectis Pharma

Large investors have recently modified their holdings of the business. Iridian Asset Management LLC CT lifted its holdings in Nuvectis Pharma by 2.1% in the third quarter. Iridian Asset Management LLC CT now owns 793,207 shares of the company's stock valued at $16,753,000 after acquiring an additional 16,129 shares during the period. Alyeska Investment Group L.P. bought a new stake in Nuvectis Pharma in the 2nd quarter valued at $5,057,000. Stonepine Capital Management LLC bought a new stake in Nuvectis Pharma in the 2nd quarter worth approximately $735,600. Bank of America Corp DE purchased a new stake in shares of Nuvectis Pharma during the 2nd quarter valued at about $218,000. Finally, Legal & General Group Plc purchased a new stake in Nuvectis Pharma during the 2nd quarter valued at $31,000. 96.77% of the stock is owned by institutional investors.

Nuvectis Pharma Company Profile

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer, with an emphasis on cancers that have limited therapeutic options. The company is headquartered in Fort Lee, New Jersey, and its common stock trades on the Nasdaq Capital Market under the symbol NVCT.

Nuvectis Pharma's lead product candidate is NXP800, an orally administered small-molecule inhibitor of heat shock protein 90 (HSP90). The company is evaluating NXP800 in clinical studies for certain advanced solid tumors, including platinum-resistant ovarian cancer and cholangiocarcinoma.

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