HC Wainwright Reaffirms Buy Rating for Nuvectis Pharma (NASDAQ:NVCT)

HC Wainwright restated their buy rating on shares of Nuvectis Pharma (NASDAQ:NVCT) in a research note published on Friday morning, Benzinga reports. They currently have a $21.00 price objective on the stock.

Nuvectis Pharma Price Performance

NASDAQ:NVCT opened at $14.50 on Friday. Nuvectis Pharma has a 1 year low of $6.21 and a 1 year high of $18.65. The stock’s 50 day simple moving average is $14.50 and its two-hundred day simple moving average is $14.80. The company has a market cap of $249.85 million, a price-to-earnings ratio of -9.35 and a beta of 0.09.

Insider Activity

In related news, major shareholder Marlio Charles Mosseri bought 6,091 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average price of $17.71 per share, with a total value of $107,871.61. Following the transaction, the insider now owns 2,431,091 shares in the company, valued at approximately $43,054,621.61. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have purchased 146,817 shares of company stock valued at $2,410,305. 38.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvectis Pharma

Several large investors have recently modified their holdings of NVCT. Tower Research Capital LLC TRC boosted its holdings in Nuvectis Pharma by 216.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,052 shares of the company’s stock valued at $29,000 after acquiring an additional 2,773 shares during the period. Citigroup Inc. purchased a new position in Nuvectis Pharma during the 2nd quarter valued at $33,000. California State Teachers Retirement System purchased a new position in Nuvectis Pharma during the 2nd quarter valued at $36,000. Royal Bank of Canada purchased a new position in Nuvectis Pharma during the 2nd quarter valued at $43,000. Finally, Wells Fargo & Company MN boosted its holdings in Nuvectis Pharma by 11,280.0% during the 2nd quarter. Wells Fargo & Company MN now owns 2,845 shares of the company’s stock valued at $45,000 after acquiring an additional 2,820 shares during the period. Institutional investors own 7.27% of the company’s stock.

About Nuvectis Pharma

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 develops NXP800, a novel heat shock factor 1 pathway inhibitor for the treatment of various cancers; and NXP900, a small molecule drug candidate that inhibits the Proto-oncogene c-Src and YES1 kinases.