Wall Street analysts forecast that Novan Inc (NASDAQ:NOVN) will announce sales of $1.00 million for the current quarter, Zacks reports. Two analysts have issued estimates for Novan’s earnings. The lowest sales estimate is $700,000.00 and the highest is $1.30 million. Novan reported sales of $660,000.00 during the same quarter last year, which indicates a positive year-over-year growth rate of 51.5%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, May 21st.
According to Zacks, analysts expect that Novan will report full-year sales of $3.98 million for the current fiscal year, with estimates ranging from $2.60 million to $5.35 million. For the next fiscal year, analysts forecast that the firm will post sales of $3.98 million, with estimates ranging from $2.60 million to $5.35 million. Zacks’ sales averages are an average based on a survey of research firms that cover Novan.
Several analysts have issued reports on the company. Zacks Investment Research cut Novan from a “hold” rating to a “sell” rating in a research note on Saturday. JMP Securities cut Novan from an “outperform” rating to a “market perform” rating in a research note on Friday, March 29th. Finally, ValuEngine cut Novan from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $6.75.
A number of hedge funds and other institutional investors have recently made changes to their positions in NOVN. Deutsche Bank AG raised its stake in 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 in the last quarter. Renaissance Technologies LLC raised its stake in 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 in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Novan during the fourth quarter valued at approximately $25,000. Prospera Financial Services Inc grew 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 purchasing an additional 26,860 shares during the last quarter. Finally, RMB Capital Management LLC grew 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 purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 6.55% of the company’s stock.
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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