Novan (NOVN) Shares Up 11.3%
Novan Inc (NASDAQ:NOVN)’s share price shot up 11.3% on Monday . The company traded as high as $2.09 and last traded at $1.87. 782,675 shares traded hands during mid-day trading, an increase of 169% from the average session volume of 290,702 shares. The stock had previously closed at $1.68.
A number of brokerages recently weighed in on NOVN. Zacks Investment Research downgraded shares of Novan from a “hold” rating to a “sell” rating in a report on Saturday, May 11th. ValuEngine downgraded shares of Novan from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, JMP Securities cut Novan from an “outperform” rating to a “market perform” rating in a research note on Friday, March 29th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $6.75.
Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in Novan in the 4th quarter valued at about $25,000. RMB Capital Management LLC raised its stake in Novan by 45.5% in the 4th quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock valued at $27,000 after acquiring an additional 10,000 shares during the period. Deutsche Bank AG raised its stake in Novan by 4,462.7% in the 4th quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock valued at $39,000 after acquiring an additional 46,814 shares during the period. Prospera Financial Services Inc increased its position in shares of Novan by 44.3% during the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock valued at $79,000 after buying an additional 26,860 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Novan by 52.0% during the third quarter. Renaissance Technologies LLC now owns 89,700 shares of the company’s stock valued at $250,000 after buying an additional 30,700 shares during the period. Institutional investors and hedge funds own 6.55% of the company’s stock.
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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