ValuEngine upgraded shares of Novan Inc (NASDAQ:NOVN) from a strong sell rating to a sell rating in a report released on Friday.
Several other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Novan from a hold rating to a sell rating in a report on Tuesday, August 8th. Piper Jaffray Companies reissued a buy rating on shares of Novan in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $14.69.
Shares of Novan (NOVN) traded down 9.61% during midday trading on Friday, reaching $6.30. The company had a trading volume of 194,185 shares. Novan has a 52 week low of $3.52 and a 52 week high of $30.90. The company’s market capitalization is $100.70 million. The company’s 50 day moving average price is $6.49 and its 200-day moving average price is $6.26.
TRADEMARK VIOLATION NOTICE: This story was first published by Transcript Daily and is the property of of Transcript Daily. If you are accessing this story on another publication, it was stolen and reposted in violation of international copyright & trademark laws. The correct version of this story can be viewed at https://transcriptdaily.com/2017/09/16/novan-inc-novn-upgraded-by-valuengine-to-sell.html.
In related news, Director Robert Alexander Ingram bought 12,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average cost of $4.57 per share, with a total value of $54,840.00. Following the purchase, the director now directly owns 61,312 shares of the company’s stock, valued at approximately $280,195.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.72% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. acquired a new position in Novan during the 2nd quarter worth $105,000. Vanguard Group Inc. grew its stake in Novan by 7.3% during the 2nd quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock worth $785,000 after purchasing an additional 13,257 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its stake in Novan by 21.8% during the 1st quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock worth $1,787,000 after purchasing an additional 50,075 shares in the last quarter. 6.05% 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).
Receive News & Ratings for Novan Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novan Inc and related companies with MarketBeat.com's FREE daily email newsletter.