Short Interest in Nuvectis Pharma, Inc. (NASDAQ:NVCT) Declines By 18.1%

Nuvectis Pharma, Inc. (NASDAQ:NVCT) was the recipient of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 884,200 shares, a decline of 18.1% from the June 30th total of 1,080,000 shares. Currently, 12.0% of the company’s shares are short sold. Based on an average daily volume of 96,000 shares, the short-interest ratio is currently 9.2 days.

Nuvectis Pharma Price Performance

NASDAQ NVCT traded down $0.41 during trading on Monday, reaching $6.53. 99,578 shares of the company’s stock traded hands, compared to its average volume of 96,931. The company’s 50 day simple moving average is $6.54 and its two-hundred day simple moving average is $7.39. Nuvectis Pharma has a 12-month low of $5.85 and a 12-month high of $15.50. The firm has a market cap of $119.89 million, a price-to-earnings ratio of -4.63 and a beta of 0.46.

Nuvectis Pharma (NASDAQ:NVCT) last announced its earnings results on Tuesday, May 7th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.15. Research analysts expect that Nuvectis Pharma will post -1.29 earnings per share for the current fiscal year.

Institutional Trading of Nuvectis Pharma

Several hedge funds have recently modified their holdings of NVCT. Strs Ohio lifted its position in Nuvectis Pharma by 59.0% during the fourth quarter. Strs Ohio now owns 6,200 shares of the company’s stock valued at $51,000 after acquiring an additional 2,300 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Nuvectis Pharma by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 298,800 shares of the company’s stock worth $2,450,000 after purchasing an additional 4,517 shares in the last quarter. Baxter Bros Inc. purchased a new position in Nuvectis Pharma during the 2nd quarter worth $79,000. Blue Zone Wealth Advisors LLC acquired a new position in Nuvectis Pharma during the 1st quarter valued at about $118,000. Finally, Baldwin Brothers LLC MA boosted its holdings in Nuvectis Pharma by 9.4% in the second quarter. Baldwin Brothers LLC MA now owns 168,630 shares of the company’s stock worth $1,067,000 after acquiring an additional 14,500 shares in the last quarter. 96.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of Nuvectis Pharma in a research report on Wednesday, May 8th.

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.