NanoViricides (NYSE:NNVC) Stock Falls 0.7% – Here’s What Happened

Shares of NanoViricides, Inc. (NYSE:NNVC) fell 0.7% during trading on Wednesday. The stock traded as low as $1.44 and last traded at $1.45. Approximately 83,495 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 512,379 shares. The stock had previously closed at $1.46.

Analyst Upgrades and Downgrades

Separately, Noble Financial began coverage on shares of NanoViricides in a research report on Monday, July 6th. They set an “outperform” rating and a $6.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating. According to MarketBeat, NanoViricides currently has a consensus rating of “Buy” and an average price target of $6.00.

NanoViricides Price Performance

The firm has a market cap of $34.46 million, a price-to-earnings ratio of -1.87 and a beta of 1.79. The firm’s fifty day moving average is $1.32 and its 200-day moving average is $1.29.

Institutional Investors Weigh In On NanoViricides

Several institutional investors and hedge funds have recently made changes to their positions in NNVC. Miller Financial Services LLC grew its stake in NanoViricides by 19.6% during the third quarter. Miller Financial Services LLC now owns 134,000 shares of the company’s stock worth $174,000 after purchasing an additional 22,000 shares during the period. BlackRock Inc. acquired a new position in NanoViricides in the second quarter valued at approximately $219,000. Finally, Connective Capital Management LLC acquired a new position in NanoViricides in the second quarter valued at approximately $256,000. Institutional investors own 10.30% of the company’s stock.

About NanoViricides

NanoViricides, Inc (NYSE American: NNVC) is a biotechnology company focused on developing broad-spectrum antiviral therapeutics. Its proprietary nanoviricide platform is designed to create nanomedicines that mimic the cellular receptors used by viruses, with the goal of binding to viral particles, disabling them and facilitating their removal from the body.

The company has developed drug candidates targeting a range of viral diseases, including herpesvirus infections such as shingles and other conditions for which existing treatments may be limited.