Nuvectis Pharma, Inc. (NASDAQ:NVCT) Sees Large Decline in Short Interest

Nuvectis Pharma, Inc. (NASDAQ:NVCT) was the target of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 1,340,000 shares, a decrease of 14.1% from the February 13th total of 1,560,000 shares. Based on an average daily trading volume, of 107,000 shares, the days-to-cover ratio is currently 12.5 days. Approximately 11.1% of the shares of the stock are short sold.

Insider Buying and Selling

In other Nuvectis Pharma news, major shareholder Marlio Charles Mosseri purchased 240,000 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were bought at an average price of $5.00 per share, for a total transaction of $1,200,000.00. Following the completion of the acquisition, the insider now owns 2,884,121 shares in the company, valued at approximately $14,420,605. This trade represents a 9.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 35.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvectis Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP raised its holdings in shares of Nuvectis Pharma by 3.7% in the 3rd quarter. GSA Capital Partners LLP now owns 50,129 shares of the company’s stock valued at $315,000 after acquiring an additional 1,790 shares in the last quarter. Baxter Bros Inc. raised its stake in Nuvectis Pharma by 20.0% in the fourth quarter. Baxter Bros Inc. now owns 15,000 shares of the company’s stock valued at $81,000 after purchasing an additional 2,500 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its stake in Nuvectis Pharma by 35.0% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 13,500 shares of the company’s stock valued at $73,000 after purchasing an additional 3,500 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Nuvectis Pharma during the fourth quarter valued at approximately $34,000. Finally, Northern Trust Corp grew its stake in Nuvectis Pharma by 68.7% in the 4th quarter. Northern Trust Corp now owns 25,725 shares of the company’s stock worth $139,000 after buying an additional 10,472 shares in the last quarter. 96.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NVCT has been the subject of a number of research reports. Laidlaw started coverage on Nuvectis Pharma in a research note on Monday. They issued a “buy” rating and a $19.00 price objective for the company. HC Wainwright cut their target price on Nuvectis Pharma from $21.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th.

Nuvectis Pharma Price Performance

NASDAQ:NVCT opened at $9.35 on Friday. The company has a market cap of $218.72 million, a P/E ratio of -8.06 and a beta of 0.23. Nuvectis Pharma has a 1 year low of $4.44 and a 1 year high of $11.80. The stock’s fifty day moving average price is $6.96 and its two-hundred day moving average price is $6.50.

Nuvectis Pharma (NASDAQ:NVCT) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). On average, analysts expect that Nuvectis Pharma will post -1.01 earnings per share for the current fiscal year.

Nuvectis Pharma Company Profile

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's lead product candidate is NXP800, a novel small molecule that is in Phase 1b clinical trials for the treatment of patients with platinum-resistant, ARID1a-mutated ovarian carcinoma.