Nuvectis Pharma (NASDAQ:NVCT) Shares Up 12.5% - Still a Buy?

Key Points

• Nuvectis Pharma shares rose 12.5% to about $19.98 in Friday’s midday trading, while volume was 72% below its average.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $36.25, though ratings range from Strong Buy to Sell.
• The clinical-stage cancer drug developer reported quarterly EPS of -$1.02, missing the analyst consensus estimate of -$0.24.

Nuvectis Pharma, Inc. (NASDAQ:NVCT - Get Free Report)'s stock price rose 12.5% during mid-day trading on Friday. The company traded as high as $19.89 and last traded at $19.9810. Approximately 48,170 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 174,479 shares. The stock had previously closed at $17.76.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Loop Capital set a $40.00 target price on Nuvectis Pharma in a report on Tuesday, September 1st. HC Wainwright reaffirmed a "buy" rating and issued a $39.00 price target on shares of Nuvectis Pharma in a research report on Thursday, September 24th. Weiss Ratings upgraded Nuvectis Pharma from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 21st. Cantor Fitzgerald started coverage on Nuvectis Pharma in a research note on Monday, August 24th. They set an "overweight" rating for the company. Finally, Lucid Cap Mkts raised Nuvectis Pharma to a "strong-buy" rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.25.

Nuvectis Pharma Stock Up 13.9%

The company has a market capitalization of $660.06 million, a price-to-earnings ratio of -10.74 and a beta of -0.21. The business has a fifty day simple moving average of $20.98 and a two-hundred day simple moving average of $14.81.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.78). As a group, equities analysts predict that Nuvectis Pharma, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvectis Pharma

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Nuvectis Pharma by 10.2% during the 1st quarter. Bank of America Corp DE now owns 14,847 shares of the company's stock valued at $115,000 after purchasing an additional 1,377 shares during the last quarter. Legal & General Group Plc acquired a new position in Nuvectis Pharma in the second quarter valued at about $31,000. Oppenheimer & Co. Inc. boosted its position in Nuvectis Pharma by 17.3% in the third quarter. Oppenheimer & Co. Inc. now owns 86,291 shares of the company's stock valued at $1,822,000 after buying an additional 12,725 shares in the last quarter. Avalon Trust Co bought a new stake in Nuvectis Pharma during the second quarter worth about $257,000. Finally, Iridian Asset Management LLC CT grew its stake in Nuvectis Pharma by 2.1% during the third quarter. Iridian Asset Management LLC CT now owns 793,207 shares of the company's stock worth $16,753,000 after buying an additional 16,129 shares during the last quarter. Institutional investors and hedge funds own 96.77% of the company's stock.

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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