Novan Inc (NASDAQ:NOVN) dropped 20.8% on Monday . The company traded as low as $3.22 and last traded at $3.36. Approximately 1,243,100 shares changed hands during mid-day trading, an increase of 264% from the average daily volume of 341,575 shares. The stock had previously closed at $4.24.

NOVN has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Novan from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. ValuEngine cut Novan from a “sell” rating to a “strong sell” rating in a research note on Friday, September 22nd. Finally, Wedbush restated a “neutral” rating and issued a $6.00 price target on shares of Novan in a research note on Monday, September 25th.

The firm has a market cap of $55.65 and a PE ratio of -1.62.

A hedge fund recently bought a new stake in Novan stock. Goldman Sachs Group Inc. acquired a new position in shares of Novan Inc (NASDAQ:NOVN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 25,972 shares of the company’s stock, valued at approximately $105,000. Goldman Sachs Group Inc. owned 0.16% of Novan at the end of the most recent reporting period. 5.84% of the stock is owned by institutional investors and hedge funds.

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About Novan

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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