Brokerages predict that Novan Inc (NASDAQ:NOVN) will report earnings per share (EPS) of ($0.26) for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Novan’s earnings. The lowest EPS estimate is ($0.32) and the highest is ($0.19). Novan posted earnings of ($0.29) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 10.3%. The company is expected to issue its next quarterly earnings results on Wednesday, August 14th.
On average, analysts expect that Novan will report full-year earnings of ($1.05) per share for the current year, with EPS estimates ranging from ($1.23) to ($0.87). For the next year, analysts anticipate that the business will report earnings of ($0.84) per share, with EPS estimates ranging from ($0.95) to ($0.72). Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that follow Novan.
A number of equities analysts recently commented on NOVN shares. ValuEngine downgraded Novan from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. JMP Securities downgraded Novan from an “outperform” rating to a “market perform” rating in a research note on Friday, March 29th. Finally, Zacks Investment Research downgraded Novan from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $4.33.
In related news, CEO G. Kelly Martin bought 60,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was bought at an average cost of $1.43 per share, for a total transaction of $85,800.00. Following the completion of the purchase, the chief executive officer now directly owns 60,000 shares in the company, valued at approximately $85,800. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Alexander Ingram bought 50,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was bought at an average price of $2.21 per share, with a total value of $110,500.00. Following the completion of the purchase, the director now owns 169,777 shares of the company’s stock, valued at $375,207.17. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 229,786 shares of company stock valued at $426,138. 8.83% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of Novan during the fourth quarter valued at approximately $25,000. RMB Capital Management LLC raised its holdings in shares of Novan by 45.5% during the fourth quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock valued at $27,000 after buying an additional 10,000 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Novan by 4,462.7% during the fourth quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock valued at $39,000 after buying an additional 46,814 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of Novan by 44.3% during the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock valued at $79,000 after buying an additional 26,860 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Novan by 52.0% during the third quarter. Renaissance Technologies LLC now owns 89,700 shares of the company’s stock valued at $250,000 after buying an additional 30,700 shares during the last quarter. 5.43% of the stock is currently owned by institutional investors.
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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