HC Wainwright Reiterates “Buy” Rating for Nuvectis Pharma (NASDAQ:NVCT)

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

Nuvectis Pharma Price Performance

NASDAQ:NVCT opened at $14.50 on Friday. The business has a 50 day moving average of $14.50 and a 200 day moving average of $14.80. The company has a market capitalization of $249.85 million, a price-to-earnings ratio of -9.35 and a beta of 0.09. Nuvectis Pharma has a 1-year low of $6.21 and a 1-year high of $18.65.

Insider Buying and Selling

In related news, major shareholder Marlio Charles Mosseri acquired 2,584 shares of the stock in a transaction on Friday, July 28th. The stock was purchased at an average price of $13.91 per share, for a total transaction of $35,943.44. Following the completion of the transaction, the insider now owns 2,594,140 shares of the company’s stock, valued at approximately $36,084,487.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought 146,817 shares of company stock worth $2,410,305 in the last quarter. 38.85% of the stock is owned by insiders.

Institutional Trading of Nuvectis Pharma

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Citigroup Inc. bought a new position in shares of Nuvectis Pharma during the second quarter valued at approximately $33,000. California State Teachers Retirement System bought a new position in shares of Nuvectis Pharma during the second quarter valued at approximately $36,000. Royal Bank of Canada bought a new position in shares of Nuvectis Pharma during the second quarter valued at approximately $43,000. Wells Fargo & Company MN raised its holdings in shares of Nuvectis Pharma by 11,280.0% during the second 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 in the last quarter. Finally, Hollencrest Capital Management bought a new position in shares of Nuvectis Pharma during the second quarter valued at approximately $49,000. 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.