Zacks Investment Research upgraded shares of Novan (NASDAQ:NOVN) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $3.25 target price 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. “
Several other equities analysts have also commented on NOVN. ValuEngine lowered shares of Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. JMP Securities lowered shares of Novan from an outperform rating to a market perform rating in a report on Friday, March 29th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $5.08.
Novan (NASDAQ:NOVN) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Novan had a negative return on equity of 2,068.56% and a negative net margin of 225.10%. The company had revenue of $1.10 million during the quarter, compared to analyst estimates of $1.00 million. Research analysts anticipate that Novan will post -1.05 earnings per share for the current year.
In other Novan news, major shareholder Life Sciences Holdings L. Malin sold 25,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $2.71, for a total transaction of $67,750.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Life Sciences Holdings L. Malin sold 17,800 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $2.69, for a total transaction of $47,882.00. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 229,786 shares of company stock worth $426,138. 5.36% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in Novan during the 4th quarter worth approximately $25,000. RMB Capital Management LLC raised its holdings in shares of Novan by 45.5% in the 4th quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock valued at $27,000 after purchasing an additional 10,000 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Novan by 4,462.7% in the 4th quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock valued at $39,000 after purchasing an additional 46,814 shares in the last quarter. Finally, Prospera Financial Services Inc raised its holdings in shares of Novan by 44.3% in the 1st quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock valued at $79,000 after purchasing an additional 26,860 shares in the last quarter. Institutional investors own 5.43% 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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