Zacks Investment Research upgraded shares of Novan (NASDAQ:NOVN) from a hold rating to a buy rating in a report released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $3.25 price target 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. “
NOVN has been the topic of several other research reports. JMP Securities downgraded shares of Novan from an outperform rating to a market perform rating in a report on Friday, March 29th. ValuEngine downgraded shares of Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Novan has a consensus rating of Buy and a consensus price target of $5.08.
Novan (NASDAQ:NOVN) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $1.10 million for the quarter, compared to analysts’ expectations of $1.00 million. As a group, equities analysts anticipate that Novan will post -1.05 earnings per share for the current fiscal year.
In other news, insider Paula B. Stafford bought 80,693 shares of the stock in a transaction dated Monday, May 20th. The shares were acquired at an average price of $1.92 per share, with a total value of $154,930.56. Following the completion of the acquisition, the insider now directly owns 693 shares in the company, valued at $1,330.56. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Life Sciences Holdings L. Malin sold 17,800 shares of Novan stock in a transaction dated Friday, June 28th. The shares were 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. In the last ninety days, insiders bought 229,786 shares of company stock worth $426,138. Insiders own 5.36% of the company’s stock.
Several large investors have recently modified their holdings of the company. Prospera Financial Services Inc boosted its holdings in shares of Novan by 44.3% in the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock valued at $79,000 after acquiring an additional 26,860 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Novan by 4,462.7% in the fourth quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock valued at $39,000 after acquiring an additional 46,814 shares in the last quarter. RMB Capital Management LLC boosted its holdings in shares of Novan by 45.5% in the fourth quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock valued at $27,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Novan in the fourth quarter valued at about $25,000. 5.43% of the stock is currently owned by institutional investors and hedge funds.
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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