Novan Inc (NOVN) Given Average Rating of “Hold” by Analysts
Novan Inc (NASDAQ:NOVN) has received a consensus recommendation of “Hold” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $19.32.
A number of equities analysts have issued reports on NOVN shares. ValuEngine downgraded Novan from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Piper Jaffray Companies reiterated a “buy” rating on shares of Novan in a report on Thursday, August 3rd. Finally, Zacks Investment Research downgraded Novan from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th.
In other news, Director Robert Alexander Ingram acquired 12,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was acquired at an average price of $4.57 per share, for a total transaction of $54,840.00. Following the completion of the acquisition, the director now owns 61,312 shares in the company, valued at $280,195.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.72% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. bought a new position in Novan in the second quarter worth $105,000. Vanguard Group Inc. raised its holdings in Novan by 7.3% in the second quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock worth $785,000 after purchasing an additional 13,257 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in Novan by 21.8% in the first quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock worth $1,787,000 after purchasing an additional 50,075 shares in the last quarter. Institutional investors and hedge funds own 6.05% of the company’s stock.
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Shares of Novan (NOVN) opened at 5.68 on Thursday. The company has a 50-day moving average of $6.31 and a 200 day moving average of $6.31. The firm’s market cap is $90.79 million. Novan has a 52-week low of $3.52 and a 52-week high of $30.90.
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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