Novan Inc (NOVN) Expected to Post Earnings of -$0.32 Per Share

Wall Street analysts expect Novan Inc (NASDAQ:NOVN) to announce earnings per share (EPS) of ($0.32) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Novan’s earnings. The lowest EPS estimate is ($0.33) and the highest is ($0.30). Novan posted earnings of ($0.47) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 31.9%. The firm is expected to issue its next quarterly earnings results on Thursday, November 8th.

According to Zacks, analysts expect that Novan will report full-year earnings of ($1.07) per share for the current financial year, with EPS estimates ranging from ($1.10) to ($1.04). For the next financial year, analysts anticipate that the firm will report earnings of ($1.17) per share, with EPS estimates ranging from ($1.49) to ($0.84). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Novan.

Novan (NASDAQ:NOVN) last announced its earnings results on Wednesday, August 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.29). Novan had a negative return on equity of 608.09% and a negative net margin of 1,061.54%. The company had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.60 million.

A number of brokerages have recently weighed in on NOVN. Zacks Investment Research upgraded Novan from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a report on Saturday, August 25th. Piper Jaffray Companies reiterated a “buy” rating and issued a $6.00 price target on shares of Novan in a report on Friday, July 20th. Finally, HC Wainwright began coverage on Novan in a report on Friday, October 26th. They issued a “buy” rating and a $8.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $7.75.

Shares of NASDAQ NOVN traded up $0.07 during trading on Wednesday, reaching $2.64. The stock had a trading volume of 11,134 shares, compared to its average volume of 32,626. Novan has a one year low of $2.27 and a one year high of $6.23. The company has a market capitalization of $66.40 million, a price-to-earnings ratio of -1.14 and a beta of 1.17.

In other Novan news, CEO G. Kelly Martin purchased 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was bought at an average price of $2.71 per share, with a total value of $81,300.00. Following the completion of the purchase, the chief executive officer now owns 30,000 shares in the company, valued at approximately $81,300. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert Alexander Ingram purchased 50,000 shares of the firm’s stock in a transaction dated Friday, September 28th. The stock was acquired at an average cost of $2.84 per share, with a total value of $142,000.00. Following the purchase, the director now owns 119,777 shares of the company’s stock, valued at approximately $340,166.68. The disclosure for this purchase can be found here. In the last three months, insiders bought 110,000 shares of company stock valued at $303,800. Company 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 Novan Inc (NASDAQ:NOVN) by 83.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,000 shares of the company’s stock after buying an additional 26,800 shares during the quarter. Renaissance Technologies LLC owned about 0.23% of Novan worth $173,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 11.67% of the company’s stock.

About Novan

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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