Novan (NASDAQ:NOVN) Rating Reiterated by Cantor Fitzgerald

Novan (NASDAQ:NOVN)‘s stock had its “buy” rating restated by analysts at Cantor Fitzgerald in a report issued on Tuesday, Analyst Price Targets reports.

NASDAQ NOVN opened at $8.43 on Tuesday. The stock’s fifty day moving average is $8.76 and its two-hundred day moving average is $6.10. The firm has a market capitalization of $158.59 million, a P/E ratio of -3.68 and a beta of -0.02. Novan has a fifty-two week low of $4.33 and a fifty-two week high of $25.90.

Novan (NASDAQ:NOVN) last released its quarterly earnings data on Thursday, August 12th. The company reported ($0.39) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.53) by $0.14. The company had revenue of $0.75 million for the quarter, compared to analyst estimates of $0.84 million. Novan had a negative return on equity of 274.05% and a negative net margin of 759.49%. On average, equities research analysts predict that Novan will post -1.84 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Liberty Wealth Management LLC acquired a new position in shares of Novan in the 2nd quarter valued at $475,000. GSA Capital Partners LLP acquired a new position in shares of Novan in the 2nd quarter valued at $136,000. Northern Trust Corp lifted its stake in shares of Novan by 5.7% in the 1st quarter. Northern Trust Corp now owns 300,561 shares of the company’s stock valued at $469,000 after purchasing an additional 16,273 shares during the last quarter. Sabby Management LLC acquired a new position in shares of Novan in the 2nd quarter valued at $192,000. Finally, B. Riley Wealth Management Inc. acquired a new position in shares of Novan in the 2nd quarter valued at $193,000. 17.83% of the stock is currently owned by institutional investors and hedge funds.

Novan Company Profile

Novan, Inc is a biotechnology company, which engages in leveraging nitric oxide’s natural antiviral and immunomodulatory mechanisms of action to treat dermatological and oncovirus-mediated diseases. Its products pipeline include SB204, SB206, SB208, and SB414. The company was founded by Mark Schoenfisch and Nathan Stasko in 2006 and is headquartered in Morrisville, NC.

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