NanoViricides (NYSE:NNVC) Stock Price Down 3.4% – Here’s What Happened

Shares of NanoViricides, Inc. (NYSE:NNVC) traded down 3.4% during trading on Tuesday. The company traded as low as $1.36 and last traded at $1.40. 301,880 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 537,792 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

Separately, Noble Financial started coverage on shares of NanoViricides in a report on Monday, July 6th. They set an “outperform” rating and a $6.00 price target for the company. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.00.

NanoViricides Stock Performance

The firm has a market capitalization of $33.44 million, a P/E ratio of -1.82 and a beta of 1.79. The firm has a 50 day simple moving average of $1.32 and a two-hundred day simple moving average of $1.36.

Institutional Investors Weigh In On NanoViricides

Several large investors have recently added to or reduced their stakes in the company. Miller Financial Services LLC bought a new stake in NanoViricides during the 4th quarter valued at $81,000. BlackRock Inc. purchased a new stake in NanoViricides during the 2nd quarter worth about $219,000. Finally, Connective Capital Management LLC purchased a new position in NanoViricides during the second quarter valued at approximately $256,000. Hedge funds and other institutional investors own 10.30% of the company’s stock.

NanoViricides Company Profile

NanoViricides, Inc is a biotechnology company focused on developing antiviral therapies based on its proprietary nanomedicine platform. The company designs polymeric nanoviricide drug candidates intended to mimic cellular receptors, bind to viruses, and help remove them from circulation before they can infect healthy cells.

The company’s research programs have addressed a range of viral diseases, including respiratory infections, influenza, herpesvirus infections, and other conditions for which improved antiviral treatments may be needed.