Nuvectis Pharma’s (NVCT) “Buy” Rating Reiterated at HC Wainwright

Nuvectis Pharma (NASDAQ:NVCT)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research report issued on Thursday, Benzinga reports. They presently have a $39.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 80.31% from the company’s previous close.

NVCT has been the subject of several other reports. Lucid Cap Mkts upgraded Nuvectis Pharma to a “strong-buy” rating in a research report on Tuesday, September 1st. UBS Group set a $33.00 price objective on Nuvectis Pharma in a research report on Monday, July 6th. Loop Capital set a $40.00 price objective on Nuvectis Pharma in a research report on Tuesday, September 1st. Weiss Ratings upgraded Nuvectis Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, Cantor Fitzgerald began coverage on Nuvectis Pharma in a research report on Monday, August 24th. They issued an “overweight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Nuvectis Pharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

Nuvectis Pharma Price Performance

Shares of NVCT stock traded up $0.56 on Thursday, hitting $21.63. 258,188 shares of the company’s stock were exchanged, compared to its average volume of 173,369. Nuvectis Pharma has a 12 month low of $5.55 and a 12 month high of $29.27. The stock has a market cap of $706.09 million, a P/E ratio of -16.51 and a beta of -0.26. The company has a 50 day moving average of $21.59 and a 200 day moving average of $15.14.

Nuvectis Pharma (NASDAQ:NVCT) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.04). Sell-side analysts predict that Nuvectis Pharma will post -1.01 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Marlio Charles Mosseri bought 50,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was purchased at an average cost of $18.32 per share, for a total transaction of $916,000.00. Following the completion of the transaction, the insider owned 3,186,576 shares of the company’s stock, valued at $58,378,072.32. This trade represents a 1.59% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ron Bentsur bought 12,500 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of $20.00 per share, with a total value of $250,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,688,424 shares of the company’s stock, valued at approximately $73,768,480. The trade was a 0.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 28.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvectis Pharma

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Nuvectis Pharma during the second quarter worth about $18,414,000. Alyeska Investment Group L.P. acquired a new stake in Nuvectis Pharma during the 2nd quarter valued at approximately $5,057,000. Occam Crest Management LP raised its holdings in Nuvectis Pharma by 31.0% during the 4th quarter. Occam Crest Management LP now owns 380,000 shares of the company’s stock worth $2,869,000 after purchasing an additional 90,000 shares during the last quarter. Stonepine Capital Management LLC bought a new position in Nuvectis Pharma during the 2nd quarter worth approximately $735,600. Finally, Bank of New York Mellon Corp acquired a new position in shares of Nuvectis Pharma in the 2nd quarter worth approximately $676,000. Institutional investors own 96.77% of the company’s stock.

About Nuvectis Pharma

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer and other serious diseases with limited therapeutic options. The company’s research and development efforts are centered on small-molecule medicines designed to target biological pathways involved in tumor growth and treatment resistance.

Nuvectis’ lead programs include NXP800, an investigational inhibitor of the heat shock factor 1 pathway being evaluated for potential use in selected solid tumors, and NXP900, an investigational inhibitor of the SRC and YES1 protein kinases.