“We eagerly anticipate, any day now, data from the Phase 2 dose-ranging study of SB206—topical nitric oxide (NO) gel—for molluscum contagiosum. We see molluscum as a large, underserved pediatric dermatology opportunity, with no FDA approved Rx treatments, and it is currently the key contributor to our Novan valuation. If Phase 2 is positive, with SB206 demonstrating meaningful molluscum lesion clearance rates at 12-weeks and good tolerability, it should be a transformational catalyst for Novan. Note that the only molluscum comparable, Verrica Pharmaceuticals (VRCA; not rated), which has positive open-label molluscum Phase 2 data and Phase 3 expected in 1Q19, has a $350M market cap—dramatically higher than Novan’s current $68M market cap.”,” HC Wainwright’s analyst wrote.
NOVN has been the subject of a number of other research reports. Zacks Investment Research raised shares of Novan from a hold rating to a buy rating and set a $3.00 price objective for the company in a report on Saturday, August 25th. Piper Jaffray Companies reissued a buy rating and set a $6.00 target price on shares of Novan in a research note on Friday, July 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Novan currently has a consensus rating of Buy and an average price target of $7.75.
Novan (NASDAQ:NOVN) last released its quarterly earnings data on Wednesday, August 8th. The company reported ($0.29) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.29). Novan had a negative net margin of 1,090.89% and a negative return on equity of 999.61%. The company had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.60 million. On average, analysts predict that Novan will post -1.04 earnings per share for the current year.
In related news, Director Robert Alexander Ingram bought 50,000 shares of the business’s stock in a transaction dated Friday, September 28th. The stock was acquired at an average price of $2.84 per share, with a total value of $142,000.00. Following the completion of the purchase, the director now directly owns 119,777 shares of the company’s stock, valued at $340,166.68. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO G. Kelly Martin bought 10,000 shares of the business’s stock in a transaction dated Wednesday, September 26th. The shares were bought at an average cost of $2.73 per share, with a total value of $27,300.00. Following the purchase, the chief executive officer now directly owns 40,000 shares of the company’s stock, valued at $109,200. The disclosure for this purchase can be found here. Insiders have bought 110,000 shares of company stock valued at $303,800 in the last three months. Corporate insiders own 8.83% of the company’s stock.
An institutional investor recently bought a new position in Novan stock. Prospera Financial Services Inc purchased a new position in shares of Novan Inc (NASDAQ:NOVN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 76,102 shares of the company’s stock, valued at approximately $224,000. Prospera Financial Services Inc owned about 0.29% of Novan at the end of the most recent quarter. Institutional investors own 11.67% of the company’s stock.
Novan Company Profile
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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