NanoViricides (NYSE:NNVC) Trading Down 1.8% – What’s Next?

NanoViricides, Inc. (NYSE:NNVC)’s share price dropped 1.8% on Wednesday . The stock traded as low as $1.05 and last traded at $1.08. Approximately 189,999 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 473,750 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

Separately, StockNews.com cut NanoViricides from a “hold” rating to a “sell” rating in a research note on Monday, November 18th.

NanoViricides Stock Performance

The stock has a market cap of $15.07 million, a PE ratio of -1.42 and a beta of 0.90. The firm has a 50-day moving average price of $1.37 and a 200-day moving average price of $1.58.

Institutional Investors Weigh In On NanoViricides

A hedge fund recently raised its stake in NanoViricides stock. Renaissance Technologies LLC raised its holdings in shares of NanoViricides, Inc. (NYSE:NNVC) by 20.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 102,100 shares of the company’s stock after purchasing an additional 17,600 shares during the period. Renaissance Technologies LLC owned approximately 0.86% of NanoViricides worth $176,000 at the end of the most recent quarter. 10.30% of the stock is currently owned by institutional investors and hedge funds.

About NanoViricides

NanoViricides, Inc, a clinical stage nano-biopharmaceutical company, discovers, develops, and commercializes drugs for the treatment of viral infections. The company's product portfolio includes NV-CoV-2, nanoviricide drug which is in phase 1a/1b clinical trails for the treatment of Covid; and NV-CoV-2 Oral Syrup, and NV-CoV-2 Oral Gummies, a semi-solid fixed-dose form which are in phase 1a/1b human clinical trials for enabling body-weight-based dose titration as is required for pediatric cases.