Nuvectis Pharma (NASDAQ:NVCT) Sees Strong Trading Volume – Here’s What Happened

Shares of Nuvectis Pharma, Inc. (NASDAQ:NVCT) saw an uptick in trading volume on Wednesday . 141,679 shares changed hands during mid-day trading, an increase of 6% from the previous session’s volume of 134,149 shares.The stock last traded at $19.39 and had previously closed at $18.39.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvectis Pharma in a report on Friday, June 5th. HC Wainwright upped their price target on Nuvectis Pharma from $13.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen raised Nuvectis Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Nuvectis Pharma presently has a consensus rating of “Hold” and an average price target of $39.00.

Nuvectis Pharma Price Performance

The firm has a market cap of $503.27 million, a price-to-earnings ratio of -14.48 and a beta of -0.07. The firm’s fifty day moving average is $12.05 and its 200-day moving average is $9.66.

Nuvectis Pharma (NASDAQ:NVCT) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04. As a group, equities research analysts anticipate that Nuvectis Pharma, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Nuvectis Pharma

A number of institutional investors and hedge funds have recently modified their holdings of NVCT. JPMorgan Chase & Co. increased its stake in shares of Nuvectis Pharma by 3,398.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,263 shares of the company’s stock valued at $47,000 after acquiring an additional 6,084 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Nuvectis Pharma in the second quarter worth $53,000. Bank of America Corp DE increased its stake in Nuvectis Pharma by 417.2% in the second quarter. Bank of America Corp DE now owns 8,565 shares of the company’s stock valued at $64,000 after purchasing an additional 6,909 shares in the last quarter. Deutsche Bank AG increased its stake in Nuvectis Pharma by 3,671.4% in the fourth quarter. Deutsche Bank AG now owns 12,672 shares of the company’s stock valued at $96,000 after purchasing an additional 12,336 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Nuvectis Pharma during the second quarter valued at about $97,000. 96.77% of the stock is currently owned by institutional investors.

About Nuvectis Pharma

Nuvectis Pharma is a clinical-stage biotechnology company focused on the development of novel peptide-based therapeutics using its proprietary Cellporting delivery platform. The company’s core technology is designed to facilitate the transport of therapeutic proteins and peptides across cellular membranes and into target intracellular compartments, including the nucleus. By overcoming a key barrier in biologics delivery, Nuvectis aims to expand the range of treatable diseases with macromolecular drugs that have traditionally been limited by poor cellular uptake.

The Nuvectis pipeline encompasses multiple preclinical and early-stage clinical programs targeting rare genetic and metabolic disorders.