Novan Inc (NOVN) Stock Rating Upgraded by ValuEngine
Novan Inc (NASDAQ:NOVN) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Friday.
Several other equities analysts have also commented on NOVN. Zacks Investment Research lowered shares of Novan from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Piper Jaffray Companies reiterated a “buy” rating on shares of Novan in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $14.69.
Novan (NASDAQ NOVN) opened at 6.30 on Friday. The stock’s market cap is $100.70 million. Novan has a 52-week low of $3.52 and a 52-week high of $30.90. The firm has a 50 day moving average of $6.49 and a 200-day moving average of $6.26.
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In other news, Director Robert Alexander Ingram bought 12,000 shares of the stock in a transaction dated Tuesday, August 29th. The stock was purchased at an average price of $4.57 per share, for a total transaction of $54,840.00. Following the acquisition, the director now owns 61,312 shares of the company’s stock, valued at $280,195.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 10.72% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in NOVN. Driehaus Capital Management LLC lifted its holdings in shares of Novan by 21.8% in the 1st quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock worth $1,787,000 after acquiring an additional 50,075 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Novan by 7.3% in the 2nd quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock worth $785,000 after acquiring an additional 13,257 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Novan in the 2nd quarter worth about $105,000. Hedge funds and other institutional investors own 6.05% of the company’s stock.
Novan, Inc is a late-stage pharmaceutical company. The Company is engaged in the development and commercialization of therapies using its nitric oxide platform. The Company develops product candidates using its Nitricil technology, which enables the Company to engineer tunable new chemical entities (NCEs).
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