Today, investors in biopharmaceutical company Nuvectis (NASDAQ:NVCT) are having a rather incredible day. Shares of NVCT stock have gone absolutely parabolic, surging more than 200% in earlier trading. At the time of writing, this stock is still up 190% on very heavy volume.
As a small-cap biopharma play, such moves are perhaps more common than in most larger-cap stocks. However, a triple-up on any given day is a move worth considering.
Nuvectis is an intriguing company in the oncology space, providing a range of precision medicines targeted at various serious conditions. Many of these cancer-related conditions have unmet medical need and are of interest to researchers and investors.
The company’s key drug candidates include NXP800, a clinical-stage HSF1 pathway inhibitor. This drug is undergoing a Phase 1 study in patients with advanced tumors. This drug, along with NXP900, a preclinical SRC/YES1 kinase inhibitor, are ones that have a more speculative growth trajectory, given their early-stage status.
Let’s take a look at a few things investors may want to know about this relatively new biopharma company on the block.
NVCT Stock Soars on Second Trading Day
- It’s important to note that today’s session is only the second trading day for NVCT stock.
- Indeed, the company went public Friday at a price of $5 per share.
- Shares traded wildly, dipping to nearly $3 per share, before breaching the $10 level in earlier trading today.
- Nuvectis raised $16 million as a result of its upside initial public offering (IPO).
- An over-allotment option was also provided, for an additional 480,000 shares to be sold on top of the existing 3.2 million shares.
- The company expects to use this growth capital to fund its Phase 1/2 development of its existing drug candidates.
- Investors appear to be taking a risk-on approach to the company’s cancer drug portfolio today, with more than 25 times yesterday’s volume already having traded hands.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.