Analysts at Piper Jaffray Cos. began coverage on shares of Novan Inc (NASDAQ:NOVN) in a research report issued to clients and investors on Monday. The brokerage set an “overweight” rating and a $25.00 price target on the stock. Piper Jaffray Cos.’s price objective suggests a potential upside of 31.79% from the stock’s previous close.

Novan (NASDAQ:NOVN) traded up 8.07% on Monday, hitting $20.50. The company’s stock had a trading volume of 93,764 shares. Novan has a 12 month low of $13.77 and a 12 month high of $23.79. The firm has a 50 day moving average of $19.79 and a 200-day moving average of $19.79. The stock’s market cap is $50.16 million.

In related news, major shareholder Life Sciences Holdings L. Malin purchased 800,000 shares of the firm’s stock in a transaction dated Monday, September 26th. The stock was bought at an average price of $11.00 per share, with a total value of $8,800,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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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).

5 Day Chart for NASDAQ:NOVN

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