Zacks Investment Research upgraded shares of Novan (NASDAQ:NOVN) from a hold rating to a strong-buy rating in a research report report published on Saturday, Zacks.com reports. They currently have $0.50 price target 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. “
A number of other research analysts have also recently issued reports on NOVN. Piper Jaffray Companies cut shares of Novan from an overweight rating to a neutral rating and set a $0.50 target price for the company. in a research note on Sunday, January 5th. HC Wainwright reiterated a buy rating and issued a $1.50 target price (down previously from $6.00) on shares of Novan in a research note on Monday, January 6th. Finally, ValuEngine cut shares of Novan from a sell rating to a strong sell rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $0.83.
NASDAQ:NOVN opened at $0.46 on Friday. Novan has a 1 year low of $0.41 and a 1 year high of $3.72. The firm has a 50 day moving average of $0.58 and a 200-day moving average of $1.95. The stock has a market capitalization of $14.72 million, a P/E ratio of -0.46 and a beta of 2.32.
Several large investors have recently bought and sold shares of NOVN. Virtu Financial LLC bought a new position in shares of Novan in the third quarter valued at approximately $33,000. Millennium Management LLC bought a new position in shares of Novan in the third quarter valued at approximately $44,000. Vigilant Capital Management LLC bought a new position in shares of Novan in the fourth quarter valued at approximately $89,000. Cardinal Capital Management bought a new position in shares of Novan in the fourth quarter valued at approximately $158,000. Finally, Prospera Financial Services Inc raised its stake in shares of Novan by 11.8% in the third quarter. Prospera Financial Services Inc now owns 95,435 shares of the company’s stock valued at $246,000 after acquiring an additional 10,083 shares during the last quarter. Institutional investors own 5.82% of the company’s stock.
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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