Nuvectis Pharma (NASDAQ:NVCT) Trading 9.8% Higher – Here’s What Happened

Shares of Nuvectis Pharma, Inc. (NASDAQ:NVCT) shot up 9.8% during trading on Wednesday . The stock traded as high as $6.50 and last traded at $6.38. 99,678 shares changed hands during trading, an increase of 21% from the average session volume of 82,132 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

NVCT has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nuvectis Pharma in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating on shares of Nuvectis Pharma in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Nuvectis Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $15.33.

Nuvectis Pharma Stock Up 9.8%

The firm’s fifty day simple moving average is $6.10 and its 200-day simple moving average is $7.07. The company has a market cap of $163.39 million, a PE ratio of -4.66 and a beta of -0.27.

Nuvectis Pharma (NASDAQ:NVCT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.20). On average, analysts predict that Nuvectis Pharma, Inc. will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Marlio Charles Mosseri bought 72,836 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was purchased at an average price of $6.28 per share, with a total value of $457,410.08. Following the purchase, the insider owned 3,136,576 shares of the company’s stock, valued at $19,697,697.28. This trade represents a 2.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ron Bentsur bought 5,000 shares of Nuvectis Pharma stock in a transaction on Wednesday, November 5th. The stock was purchased at an average price of $5.72 per share, for a total transaction of $28,600.00. Following the completion of the acquisition, the chief executive officer owned 3,525,924 shares in the company, valued at $20,168,285.28. This represents a 0.14% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 183,770 shares of company stock valued at $1,125,193. 30.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvectis Pharma

Several large investors have recently added to or reduced their stakes in NVCT. Goldman Sachs Group Inc. acquired a new position in Nuvectis Pharma during the first quarter worth approximately $446,000. OMERS ADMINISTRATION Corp purchased a new position in Nuvectis Pharma in the first quarter valued at about $321,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Nuvectis Pharma during the 2nd quarter worth approximately $53,000. Marshall Wace LLP lifted its position in shares of Nuvectis Pharma by 63.6% during the second quarter. Marshall Wace LLP now owns 63,613 shares of the company’s stock worth $475,000 after purchasing an additional 24,739 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Nuvectis Pharma in the 2nd quarter worth $97,000. 96.77% of the stock is currently owned by hedge funds and other institutional investors.

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.