Zacks: Analysts Anticipate Novan Inc (NOVN) to Post -$0.27 EPS
Analysts expect Novan Inc (NASDAQ:NOVN) to post ($0.27) earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have issued estimates for Novan’s earnings. The lowest EPS estimate is ($0.32) and the highest is ($0.22). Novan posted earnings per share of ($0.51) during the same quarter last year, which suggests a positive year over year growth rate of 47.1%. The business is expected to report its next earnings results on Tuesday, March 26th.
On average, analysts expect that Novan will report full-year earnings of ($1.04) per share for the current fiscal year, with EPS estimates ranging from ($1.09) to ($0.99). For the next fiscal year, analysts forecast that the company will report earnings of ($1.17) per share, with EPS estimates ranging from ($1.46) to ($0.87). Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Novan.
Several brokerages have issued reports on NOVN. Piper Jaffray Companies reaffirmed a “buy” rating and set a $6.00 target price on shares of Novan in a research note on Friday, July 20th. Zacks Investment Research raised shares of Novan from a “hold” rating to a “buy” rating and set a $3.00 target price on the stock in a research note on Saturday, August 25th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Novan in a research note on Tuesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $7.75.
In other news, Director John W. Palmour purchased 20,000 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were purchased at an average price of $2.66 per share, with a total value of $53,200.00. Following the transaction, the director now owns 273,568 shares in the company, valued at approximately $727,690.88. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO G. Kelly Martin purchased 30,000 shares of the stock in a transaction dated Tuesday, August 21st. The shares were purchased at an average cost of $2.71 per share, for a total transaction of $81,300.00. Following the transaction, the chief executive officer now owns 30,000 shares in the company, valued at approximately $81,300. The disclosure for this purchase can be found here. In the last three months, insiders have bought 110,000 shares of company stock worth $303,800. Corporate insiders own 8.83% of the company’s stock.
An institutional investor recently raised its position in Novan stock. Renaissance Technologies LLC increased its position in shares of Novan Inc (NASDAQ:NOVN) by 83.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,000 shares of the company’s stock after acquiring an additional 26,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.23% of Novan worth $173,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 11.68% 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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