Novan (NASDAQ:NOVN) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Novan (NASDAQ:NOVN) in a research note published on Sunday. The firm issued a sell rating on the stock.

Novan Price Performance

Shares of NOVN stock opened at $0.00 on Friday. Novan has a 52 week low of $0.08 and a 52 week high of $3.33. The company has a market capitalization of $22,412.00, a PE ratio of 0.00 and a beta of -0.06.

Institutional Trading of Novan

A number of hedge funds have recently bought and sold shares of NOVN. Citadel Advisors LLC purchased a new stake in shares of Novan in the 3rd quarter worth $33,000. Goldman Sachs Group Inc. bought a new position in shares of Novan during the 1st quarter valued at approximately $113,000. Two Sigma Securities LLC purchased a new stake in Novan in the 1st quarter worth approximately $50,000. State Street Corp raised its stake in Novan by 9.2% during the 1st quarter. State Street Corp now owns 54,668 shares of the company’s stock worth $215,000 after acquiring an additional 4,592 shares during the period. Finally, B. Riley Wealth Advisors Inc. purchased a new position in Novan during the third quarter valued at approximately $165,000. Hedge funds and other institutional investors own 14.51% of the company’s stock.

About Novan

Novan, Inc, a medical dermatology company, focuses on developing and commercializing therapeutic products for skin diseases. Its clinical stage dermatology drug candidates include SB204, a topical monotherapy for the treatment of acne vulgaris; SB206, a topical anti-viral gel for the treatment of viral skin infections; SB208, a topical broad-spectrum anti-fungal gel for the treatment of fungal infections of the skin and nails, including athlete's foot and fungal nail infections; and SB414, a topical cream-based gel product candidate for the treatment of inflammatory skin diseases.