Nuvectis Pharma (NASDAQ:NVCT) Stock Price Down 8.5%

Nuvectis Pharma, Inc. (NASDAQ:NVCT) was down 8.5% during mid-day trading on Tuesday . The stock traded as low as $6.14 and last traded at $6.27. Approximately 62,181 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 97,227 shares. The stock had previously closed at $6.85.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of Nuvectis Pharma in a report on Tuesday, August 6th.

Nuvectis Pharma Stock Up 0.9 %

The firm has a market cap of $119.31 million, a PE ratio of -4.44 and a beta of 0.47. The firm’s 50 day moving average is $6.63 and its 200-day moving average is $7.20.

Nuvectis Pharma (NASDAQ:NVCT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.26). On average, analysts forecast that Nuvectis Pharma, Inc. will post -1.05 earnings per share for the current year.

Hedge Funds Weigh In On Nuvectis Pharma

Several institutional investors and hedge funds have recently modified their holdings of NVCT. Vanguard Group Inc. increased its position in shares of Nuvectis Pharma by 1.5% in the first quarter. Vanguard Group Inc. now owns 298,800 shares of the company’s stock worth $2,450,000 after acquiring an additional 4,517 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Nuvectis Pharma in the second quarter worth $58,000. Baxter Bros Inc. acquired a new stake in shares of Nuvectis Pharma in the second quarter worth $79,000. Renaissance Technologies LLC increased its position in shares of Nuvectis Pharma by 20.7% in the second quarter. Renaissance Technologies LLC now owns 74,500 shares of the company’s stock worth $472,000 after acquiring an additional 12,800 shares in the last quarter. Finally, Blue Zone Wealth Advisors LLC acquired a new stake in shares of Nuvectis Pharma in the first quarter worth $118,000. Hedge funds and other 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.