Novan Inc (NOVN) Stock Rating Lowered by ValuEngine

ValuEngine cut shares of Novan Inc (NASDAQ:NOVN) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday, August 2nd.

Several other analysts have also recently commented on NOVN. Wedbush reiterated a neutral rating and set a $8.00 price target on shares of Novan in a research report on Wednesday, April 12th. Zacks Investment Research cut Novan from a buy rating to a hold rating in a research report on Tuesday, May 23rd. Finally, Piper Jaffray Companies set a $11.00 price target on Novan and gave the stock a buy rating in a research report on Wednesday, April 12th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $14.69.

Novan (NOVN) traded down 0.69% during midday trading on Wednesday, reaching $4.30. 93,079 shares of the company traded hands. The firm has a 50-day moving average of $4.28 and a 200-day moving average of $5.33. The stock’s market capitalization is $68.67 million. Novan has a 1-year low of $3.52 and a 1-year high of $30.90.

Novan (NASDAQ:NOVN) last issued its quarterly earnings results on Friday, May 12th. The company reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by $0.24. The company had revenue of $0.10 million during the quarter, compared to analysts’ expectations of $10.80 million. On average, analysts predict that Novan will post ($2.31) earnings per share for the current year.

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Hedge funds have recently modified their holdings of the stock. Prospera Financial Services Inc boosted its stake in shares of Novan by 12.1% in the first quarter. Prospera Financial Services Inc now owns 27,773 shares of the company’s stock valued at $176,000 after buying an additional 2,995 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Novan by 7.3% in the second quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock valued at $785,000 after buying an additional 13,257 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Novan during the fourth quarter valued at about $551,000. Finally, Driehaus Capital Management LLC boosted its stake in shares of Novan by 21.8% in the first quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock valued at $1,787,000 after buying an additional 50,075 shares during the last quarter. Institutional investors own 8.79% of the company’s stock.

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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