Nuvectis Pharma (NASDAQ:NVCT) Shares Up 5.3% - Here's Why

Nuvectis Pharma, Inc. (NASDAQ:NVCT - Get Free Report)'s share price was up 5.3% during mid-day trading on Thursday . The stock traded as high as $11.29 and last traded at $10.96. Approximately 272,867 shares traded hands during trading, an increase of 121% from the average daily volume of 123,660 shares. The stock had previously closed at $10.41.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Laidlaw started coverage on Nuvectis Pharma in a research report on Monday, March 17th. They issued a "buy" rating and a $19.00 target price for the company. Maxim Group started coverage on Nuvectis Pharma in a research note on Wednesday, April 2nd. They set a "buy" rating and a $17.00 price target for the company. Finally, HC Wainwright dropped their price objective on Nuvectis Pharma from $21.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th.

Nuvectis Pharma Trading Down 6.0 %

The stock has a market cap of $234.25 million, a P/E ratio of -8.51 and a beta of -0.11. The stock's fifty day moving average price is $8.48 and its 200 day moving average price is $7.05.

Nuvectis Pharma (NASDAQ:NVCT - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.08). As a group, sell-side analysts forecast that Nuvectis Pharma, Inc. will post -1.01 earnings per share for the current year.

Insider Activity

In related news, major shareholder Marlio Charles Mosseri purchased 240,000 shares of Nuvectis Pharma stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $5.00 per share, for a total transaction of $1,200,000.00. Following the acquisition, the insider now directly owns 2,884,121 shares in the company, valued at approximately $14,420,605. The trade was a 9.08 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 35.78% of the company's stock.

Institutional Investors Weigh In On Nuvectis Pharma

Several large investors have recently added to or reduced their stakes in NVCT. Baldwin Wealth Partners LLC MA raised its holdings in shares of Nuvectis Pharma by 0.7% in the first quarter. Baldwin Wealth Partners LLC MA now owns 358,461 shares of the company's stock valued at $3,502,000 after buying an additional 2,500 shares during the last quarter. Baxter Bros Inc. lifted its holdings in shares of Nuvectis Pharma by 20.0% during the 4th quarter. Baxter Bros Inc. now owns 15,000 shares of the company's stock worth $81,000 after acquiring an additional 2,500 shares during the period. Nations Financial Group Inc. IA ADV lifted its stake in shares of Nuvectis Pharma by 35.0% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 13,500 shares of the company's stock valued at $73,000 after purchasing an additional 3,500 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Nuvectis Pharma in the fourth quarter valued at about $34,000. Finally, Blue Zone Wealth Advisors LLC acquired a new position in shares of Nuvectis Pharma during the first quarter worth $102,000. 96.77% of the stock is owned by hedge funds and other institutional investors.

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.