Novan Inc (NASDAQ:NOVN)‘s stock had its “neutral” rating reaffirmed by research analysts at Wedbush in a research note issued to investors on Monday. They presently have a $8.00 price target on the stock. Wedbush’s price target indicates a potential upside of 22.14% from the stock’s previous close.

Separately, Zacks Investment Research upgraded Novan from a “sell” rating to a “hold” rating in a research report on Wednesday, December 28th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.49.

Novan (NASDAQ:NOVN) traded down 0.31% on Monday, hitting $6.53. 86,680 shares of the stock traded hands. The firm’s market cap is $104.08 million. The stock has a 50-day moving average of $5.50 and a 200-day moving average of $17.91. Novan has a 12-month low of $3.52 and a 12-month high of $30.90.

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A number of hedge funds have recently bought and sold shares of the stock. Partner Investment Management L.P. purchased a new stake in Novan during the third quarter worth approximately $141,000. Spark Investment Management LLC purchased a new stake in Novan during the third quarter worth approximately $228,000. Geduld E E purchased a new stake in Novan during the third quarter worth approximately $252,000. Russell Investments Group Ltd. purchased a new stake in Novan during the fourth quarter worth approximately $551,000. Finally, Nicholas Investment Partners LP purchased a new stake in Novan during the fourth quarter worth approximately $1,041,000. Institutional investors own 12.75% of the company’s stock.

Novan Company Profile

Novan, Inc is a late-stage pharmaceutical company. The Company is engaged in the development and commercialization of therapies using its nitric oxide platform. The Company develops product candidates using its Nitricil technology, which enables the Company to engineer tunable new chemical entities (NCEs).

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