UPDATE: H.C. Wainwright Starts Nuvectis Pharma (NVCT) at Buy

H.C. Wainwright analyst Joseph Pantginis initiates coverage on Nuvectis Pharma (NASDAQ: NVCT) with a Buy rating and a price target of $14.00.

The analyst comments "Ground floor opportunity in precision oncology; we're excited about the early path. Nuvectis priced its IPO on February 4, grossing $16 million at $5 per share in continuing volatile markets. It was set apart from the flare of 2021 exorbitant IPO valuations; however, we believe the company has made thoughtful moves for its pipeline and is favorably placed within the precision oncology arena. Operations started in 2Q21 and inlicensed two oncology assets, the first of which is now in the clinic: (1) NXP800 was licensed in May 2021 from CRT Pioneer Fund in the U.K.; and (2) NXP900 was licensed in August 2021 from the University of Edinburgh. We expect 2022 to generate important profile building data for both assets from: (1) clinical data flow from the recently started Phase 1a with NXP800 in advanced solid tumors; and (2) additional preclinical data and IND filing for NXP900. The two main risks at this stage of the company include the increased risk of translating preclinical data to clinical data, and anticipation of continued equity raises to fund increasing clinical activities."

For an analyst ratings summary and ratings history on Nuvectis Pharma click here. For more ratings news on Nuvectis Pharma click here.

Shares of Nuvectis Pharma closed at $6.81 yesterday.

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