Zacks Investment Research upgraded shares of Novan (NASDAQ:NOVN) from a hold rating to a buy rating in a report published 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. “
A number of other analysts have also commented on the company. ValuEngine lowered Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. JMP Securities lowered Novan from an outperform rating to a market perform rating in a research note on Friday, March 29th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $5.08.
Novan (NASDAQ:NOVN) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.00 million. On average, equities research analysts expect that Novan will post -1.05 earnings per share for the current fiscal year.
In other news, CEO G. Kelly Martin acquired 60,000 shares of the stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $1.43 per share, with a total value of $85,800.00. Following the completion of the transaction, the chief executive officer now owns 60,000 shares of the company’s stock, valued at approximately $85,800. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paula B. Stafford acquired 80,693 shares of the stock in a transaction on Monday, May 20th. The shares were purchased at an average cost of $1.92 per share, with a total value of $154,930.56. Following the transaction, the insider now directly owns 693 shares of the company’s stock, valued at approximately $1,330.56. The disclosure for this purchase can be found here. Insiders have acquired 229,786 shares of company stock valued at $426,138 in the last three months. Insiders own 5.36% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Prospera Financial Services Inc lifted its position in 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 period. Deutsche Bank AG lifted its position 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 during the period. RMB Capital Management LLC lifted its position in 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 period. Finally, Bank of New York Mellon Corp purchased a new position in Novan during the fourth quarter valued at $25,000. 5.43% of the stock is 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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