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Investing.com - H.C. Wainwright lowered its price target on Nuvectis Pharma (NASDAQ:NVCT) to $10.00 from $15.00 on Monday, while maintaining a Buy rating on the stock. The company’s shares, currently trading at $7.00, have declined over 10% in the past week, with InvestingPro data showing the stock is in oversold territory.
The firm’s decision to reduce the price target stems primarily from the removal of NXP800 from its projections, focusing its valuation solely on U.S. opportunities for NXP900, the company’s remaining clinical asset.
H.C. Wainwright’s current valuation model assigns a 20% probability of success to NXP900, which contributes 100% to the firm’s projections based on a biomarker-driven strategy for initial indications.
The research firm identified several potential upside catalysts for Nuvectis, including rapid advancement through clinical development, expansion to markets outside the United States, and pipeline development with additional indications not currently factored into its projections.
Key risks highlighted in the analysis include the early development stage of the company’s assets, uncertainty in defining a clear path to market, potential clinical trial failures, and the possibility of inadequate funding or dilutive capital raises that could impede reaching the price target.
In other recent news, Nuvectis Pharma, Inc. announced it will not continue the development of its NXP800 drug candidate for ovarian cancer. Despite some clinical activity observed in a Phase 1b study with 17 patients, the company has decided to halt further work on this treatment. The study highlighted thrombocytopenia as a key toxicity, which was managed through an intermittent dosing schedule. In contrast, Nuvectis reported positive results from a drug-drug interaction study for its cancer drug candidate NXP900. The study, involving 14 healthy volunteers, classified NXP900 as a weak inhibitor of the CYP3A enzyme. This finding suggests potential for NXP900 to be used in combination with existing treatments for non-small cell lung cancer. These developments indicate a strategic shift in Nuvectis Pharma’s focus towards their NXP900 drug candidate.
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