Novan, Inc. (NASDAQ:NOVN) Short Interest Down 16.7% in April

Novan, Inc. (NASDAQ:NOVN) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 2,850,000 shares, a drop of 16.7% from the March 31st total of 3,420,000 shares. Based on an average trading volume of 10,460,000 shares, the short-interest ratio is presently 0.3 days.

Shares of NASDAQ NOVN traded up $0.01 during mid-day trading on Tuesday, reaching $1.29. 114,218 shares of the company’s stock traded hands, compared to its average volume of 13,931,743. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.56 and a quick ratio of 5.56. The business has a 50-day simple moving average of $1.43 and a 200 day simple moving average of $1.11. The stock has a market cap of $194.87 million, a P/E ratio of -5.77 and a beta of 0.01. Novan has a 1-year low of $0.30 and a 1-year high of $2.59.

Novan (NASDAQ:NOVN) last released its quarterly earnings results on Thursday, February 25th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The business had revenue of $1.07 million during the quarter, compared to analyst estimates of $1.74 million. Equities research analysts anticipate that Novan will post -0.32 earnings per share for the current fiscal year.

In other Novan news, CEO Paula B. Stafford acquired 70,000 shares of the company’s stock in a transaction dated Friday, March 26th. The shares were bought at an average cost of $1.43 per share, with a total value of $100,100.00. Following the purchase, the chief executive officer now directly owns 150,693 shares of the company’s stock, valued at $215,490.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. bought a new position in Novan during the 3rd quarter valued at $26,000. Virtu Financial LLC purchased a new stake in shares of Novan in the third quarter valued at about $33,000. HighTower Advisors LLC bought a new position in shares of Novan during the fourth quarter valued at about $39,000. Captrust Financial Advisors purchased a new position in Novan during the fourth quarter worth about $91,000. Finally, Morgan Stanley bought a new stake in Novan in the 3rd quarter worth about $106,000. 6.23% of the stock is owned by institutional investors and hedge funds.

NOVN has been the subject of several research reports. Roth Capital started coverage on Novan in a research note on Wednesday, April 28th. They issued a “buy” rating and a $3.00 target price for the company. HC Wainwright upped their target price on Novan from $1.50 to $2.00 and gave the stock a “buy” rating in a research report on Tuesday.

Novan Company Profile

Novan, Inc, a clinical development-stage biotechnology company, provides nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage dermatology drug candidates include SB204, a topical monotherapy for the treatment of acne vulgaris; SB206, a topical anti-viral gel for the treatment of viral skin infections; SB208, a topical broad-spectrum anti-fungal gel for the treatment of fungal infections of the skin and nails, including athlete's foot and fungal nail infections; and SB414, a topical cream-based gel product candidate for the treatment of inflammatory skin diseases.

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