Novan (NOVN) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Novan (NASDAQ:NOVN) from a hold rating to a buy rating in a report published on Tuesday. They currently have $1.00 price objective on the stock.

According to Zacks, “Novan, Inc. is a pharmaceutical company. It engaged in the development and commercialization of therapies using its nitric oxide platform for dermatology. The Company’s product candidates primarily include SB204, SB206, SB208 and SB414 which are in pre-clinical trial stage. It develops product through Nitricil technology(TM). Novan, Inc. is based in Durham, United States. “

NOVN has been the subject of several other reports. ValuEngine raised Novan from a sell rating to a hold rating in a report on Wednesday, January 2nd. HC Wainwright set a $8.00 price objective on Novan and gave the stock a buy rating in a research note on Friday, November 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $6.75.

NOVN traded down $0.10 during trading on Tuesday, hitting $1.59. The stock had a trading volume of 805 shares, compared to its average volume of 119,320. The company has a market capitalization of $37.00 million, a PE ratio of -0.74 and a beta of 2.36. Novan has a one year low of $0.65 and a one year high of $3.68.

Novan (NASDAQ:NOVN) last announced its quarterly earnings data on Monday, November 5th. The company reported ($0.27) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.05. The firm had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.68 million. Novan had a negative return on equity of 999.64% and a negative net margin of 1,087.54%. On average, sell-side analysts predict that Novan will post -1.09 EPS for the current year.

An institutional investor recently raised its position in Novan stock. Renaissance Technologies LLC raised its position in Novan Inc (NASDAQ:NOVN) by 52.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 89,700 shares of the company’s stock after acquiring an additional 30,700 shares during the period. Renaissance Technologies LLC owned approximately 0.34% of Novan worth $250,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 8.93% of the company’s stock.

Novan Company Profile

Novan, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage product candidates include SB204, a topical monotherapy that is in Phase III pivotal clinical trials for the treatment of acne vulgaris; and SB206, a topical antiviral gel, which is in Phase III pivotal trials for the treatment of patients with external genital warts, and Phase II clinical trial for the treatment of molluscum contagiosum.

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