NanoViricides (NYSE:NNVC) Shares Down 4.2% – Here’s Why

NanoViricides, Inc. (NYSE:NNVC)’s share price was down 4.2% during mid-day trading on Wednesday . The stock traded as low as $1.13 and last traded at $1.15. Approximately 215,987 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 327,787 shares. The stock had previously closed at $1.20.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners started coverage on shares of NanoViricides in a research note on Tuesday, December 16th. They set a “buy” rating on the stock. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, NanoViricides currently has a consensus rating of “Buy”.

NanoViricides Price Performance

The business has a 50 day moving average price of $1.28 and a 200 day moving average price of $1.43. The stock has a market capitalization of $24.80 million, a PE ratio of -1.60 and a beta of 1.23.

Institutional Investors Weigh In On NanoViricides

A hedge fund recently raised its stake in NanoViricides stock. Susquehanna International Group LLP increased its position in NanoViricides, Inc. (NYSE:NNVC) by 37.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,217 shares of the company’s stock after acquiring an additional 14,217 shares during the period. Susquehanna International Group LLP owned about 0.29% of NanoViricides worth $75,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 10.30% of the company’s stock.

NanoViricides Company Profile

NanoViricides, Inc is a clinical-stage biotechnology company focused on the development of novel antiviral therapies using its proprietary nanomicelle technology. The company designs polymeric, virus-targeted nanoviricides that seek to neutralize viral pathogens by binding to specific viral surface proteins and destroying their structural integrity. NanoViricides’ platform is intended to offer broad-spectrum activity against a range of enveloped viruses, positioning it as a potential solution for both existing and emerging viral threats.

The company’s pipeline includes preclinical and early clinical candidates targeting seasonal and pandemic influenza strains, as well as investigational programs for coronaviruses, hepatitis, dengue, HIV and other viruses.