Novan (NASDAQ:NOVN) Rating Lowered to Neutral at Piper Jaffray Companies

Piper Jaffray Companies cut shares of Novan (NASDAQ:NOVN) from an overweight rating to a neutral rating in a research report sent to investors on Sunday, The Fly reports. They currently have $0.50 price target on the stock.

Several other research analysts have also recently issued reports on NOVN. ValuEngine cut Novan from a sell rating to a strong sell rating in a research report on Friday, January 3rd. Zacks Investment Research cut Novan from a hold rating to a sell rating in a research report on Saturday, November 16th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $1.75.

Shares of NASDAQ:NOVN opened at $0.76 on Friday. The stock has a market cap of $21.91 million, a price-to-earnings ratio of -0.67 and a beta of 2.06. Novan has a 12-month low of $0.65 and a 12-month high of $3.72. The business’s 50 day moving average is $2.25 and its 200 day moving average is $2.46.

Novan (NASDAQ:NOVN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.10. The company had revenue of $1.32 million for the quarter, compared to analysts’ expectations of $1.20 million. As a group, analysts anticipate that Novan will post -1.64 earnings per share for the current year.

Several large investors have recently made changes to their positions in NOVN. Vanguard Group Inc. boosted its position in Novan by 38.8% in the second quarter. Vanguard Group Inc. now owns 456,346 shares of the company’s stock worth $1,232,000 after purchasing an additional 127,534 shares during the last quarter. Renaissance Technologies LLC boosted its position in Novan by 49.3% in the second quarter. Renaissance Technologies LLC now owns 201,949 shares of the company’s stock worth $545,000 after purchasing an additional 66,658 shares during the last quarter. BlackRock Inc. boosted its position in Novan by 105.6% in the second quarter. BlackRock Inc. now owns 95,990 shares of the company’s stock worth $260,000 after purchasing an additional 49,305 shares during the last quarter. Prospera Financial Services Inc boosted its position in Novan by 11.8% in the third quarter. Prospera Financial Services Inc now owns 95,435 shares of the company’s stock worth $246,000 after purchasing an additional 10,083 shares during the last quarter. Finally, RMB Capital Management LLC boosted its position in Novan by 21.3% in the second quarter. RMB Capital Management LLC now owns 57,000 shares of the company’s stock worth $154,000 after purchasing an additional 10,000 shares during the last quarter. 5.56% of the stock is currently owned by institutional investors.

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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