Novan Inc (NASDAQ:NOVN) – Stock analysts at Piper Jaffray Companies upped their FY2018 earnings per share estimates for shares of Novan in a research note issued on Monday, November 5th. Piper Jaffray Companies analyst D. Amsellem now forecasts that the company will post earnings of ($1.09) per share for the year, up from their previous estimate of ($1.10). Piper Jaffray Companies has a “Buy” rating and a $6.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Novan’s Q4 2018 earnings at ($0.32) EPS, Q1 2019 earnings at ($0.30) EPS, Q2 2019 earnings at ($0.19) EPS, FY2019 earnings at ($0.87) EPS, FY2020 earnings at ($0.72) EPS and FY2021 earnings at ($0.65) EPS.
A number of other equities analysts have also weighed in on the stock. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Novan in a research report on Tuesday. Zacks Investment Research lowered shares of Novan from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $7.75.
Novan (NASDAQ:NOVN) last posted its quarterly earnings results on Wednesday, August 8th. The company reported ($0.29) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.29). The firm had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.60 million. Novan had a negative net margin of 1,090.89% and a negative return on equity of 999.61%.
An institutional investor recently bought a new position in Novan stock. Prospera Financial Services Inc bought a new stake in Novan Inc (NASDAQ:NOVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 76,102 shares of the company’s stock, valued at approximately $224,000. Prospera Financial Services Inc owned about 0.29% of Novan at the end of the most recent reporting period. 11.67% of the stock is owned by institutional investors.
In other news, CEO G. Kelly Martin bought 30,000 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were bought at an average cost of $2.71 per share, for a total transaction of $81,300.00. Following the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $81,300. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Alexander Ingram bought 50,000 shares of the firm’s stock in a transaction on Friday, September 28th. The stock was purchased at an average price of $2.84 per share, for a total transaction of $142,000.00. Following the completion of the acquisition, the director now directly owns 119,777 shares in the company, valued at $340,166.68. The disclosure for this purchase can be found here. Insiders acquired a total of 110,000 shares of company stock worth $303,800 over the last quarter. 8.83% of the stock is currently owned by company insiders.
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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