The Novan Inc. (NOVN) Rating Increased to Hold at Zacks Investment Research

The Novan Inc. (NOVN) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Novan Inc. (NASDAQ:NOVN) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

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. “

A number of other research firms have also commented on NOVN. Wedbush reaffirmed an outperform rating and set a $27.00 price target on shares of Novan in a research report on Monday, November 14th. JMP Securities started coverage on Novan in a research report on Monday, October 17th. They set an outperform rating and a $31.00 price target for the company. Credit Suisse Group AG started coverage on Novan in a research report on Monday, October 17th. They set an outperform rating and a $18.97 price target for the company. Finally, Piper Jaffray Cos. started coverage on Novan in a research report on Monday, October 17th. They set an overweight rating and a $25.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Novan currently has a consensus rating of Buy and a consensus price target of $26.99.

Novan (NASDAQ:NOVN) opened at 21.84 on Tuesday. Novan has a 12 month low of $13.77 and a 12 month high of $30.90. The company’s 50 day moving average price is $26.04 and its 200 day moving average price is $23.06. The stock’s market cap is $348.09 million.

Novan (NASDAQ:NOVN) last released its quarterly earnings results on Monday, November 14th. The company reported ($5.76) EPS for the quarter, missing analysts’ consensus estimates of ($1.40) by $4.36. During the same quarter last year, the company earned ($2.66) earnings per share. Equities analysts forecast that Novan will post ($6.41) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Partner Investment Management L.P. purchased a new position in shares of Novan during the third quarter valued at about $141,000. Spark Investment Management LLC purchased a new position in shares of Novan during the third quarter valued at about $228,000. Geduld E E purchased a new position in shares of Novan during the third quarter valued at about $252,000. Emerald Acquisition Ltd. purchased a new position in shares of Novan during the third quarter valued at about $537,000. Finally, Monashee Investment Management LLC purchased a new position in shares of Novan during the third quarter valued at about $1,514,000. 14.60% of the stock is owned by hedge funds and other institutional investors.

Novan Company Profile

Novan, Inc is a late-stage pharmaceutical company. The Company is engaged in the development and commercialization of therapies using its nitric oxide platform. The Company develops product candidates using its Nitricil technology, which enables the Company to engineer tunable new chemical entities (NCEs).

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