NanoViricides (NYSE:NNVC) Shares Down 4.2% – Here’s Why

NanoViricides, Inc. (NYSE:NNVC) shares traded down 4.2% during trading on Wednesday . The stock traded as low as $1.13 and last traded at $1.15. 215,987 shares were traded during trading, a decline of 34% from the average session volume of 327,787 shares. The stock had previously closed at $1.20.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners initiated coverage on NanoViricides in a report on Tuesday, December 16th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy”.

NanoViricides Stock Down 4.2%

The company has a market cap of $24.80 million, a PE ratio of -1.60 and a beta of 1.23. The company’s fifty day moving average is $1.28 and its 200-day moving average is $1.43.

Institutional Trading of NanoViricides

A hedge fund recently raised its stake in NanoViricides stock. Susquehanna International Group LLP raised its position in NanoViricides, Inc. (NYSE:NNVC) by 37.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,217 shares of the company’s stock after acquiring an additional 14,217 shares during the quarter. Susquehanna International Group LLP owned approximately 0.29% of NanoViricides worth $75,000 at the end of the most recent quarter. 10.30% of the stock is owned by hedge funds and other institutional investors.

About NanoViricides

NanoViricides, Inc is a clinical-stage biotechnology company focused on the development of novel antiviral therapies using its proprietary nanomicelle technology. The company designs polymeric, virus-targeted nanoviricides that seek to neutralize viral pathogens by binding to specific viral surface proteins and destroying their structural integrity. NanoViricides’ platform is intended to offer broad-spectrum activity against a range of enveloped viruses, positioning it as a potential solution for both existing and emerging viral threats.

The company’s pipeline includes preclinical and early clinical candidates targeting seasonal and pandemic influenza strains, as well as investigational programs for coronaviruses, hepatitis, dengue, HIV and other viruses.