Novan Inc (NOVN) Announces Quarterly Earnings Results
Novan Inc (NASDAQ:NOVN) announced its quarterly earnings results on Monday. The company reported ($0.82) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.32. During the same period in the prior year, the firm earned ($0.82) earnings per share.
Shares of Novan (NASDAQ:NOVN) opened at 6.53 on Tuesday. The company’s market cap is $104.08 million. The stock’s 50 day moving average price is $5.50 and its 200 day moving average price is $17.91. Novan has a one year low of $3.52 and a one year high of $30.90.
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An institutional investor recently bought a new position in Novan stock. State Street Corp purchased a new stake in Novan Inc (NASDAQ:NOVN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 47,184 shares of the company’s stock, valued at approximately $1,274,000. State Street Corp owned approximately 0.30% of Novan at the end of the most recent reporting period. 12.75% of the stock is owned by hedge funds and other institutional investors.
NOVN has been the topic of a number of analyst reports. Zacks Investment Research upgraded Novan from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a research report on Thursday, February 2nd. Wedbush cut Novan from an “outperform” rating to a “neutral” rating and upped their price target for the company from $6.00 to $33.00 in a research report on Friday, January 27th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Novan currently has a consensus rating of “Buy” and a consensus price target of $17.49.
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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