Q2 2017 EPS Estimates for Novan Inc (NASDAQ:NOVN) Cut by Wedbush
Novan Inc (NASDAQ:NOVN) – Stock analysts at Wedbush decreased their Q2 2017 earnings per share (EPS) estimates for shares of Novan in a note issued to investors on Wednesday. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings per share of ($0.67) for the quarter, down from their prior estimate of ($0.57). Wedbush has a “Neutral” rating and a $8.00 price objective on the stock. Wedbush also issued estimates for Novan’s Q3 2017 earnings at ($0.32) EPS, Q4 2017 earnings at ($0.29) EPS, FY2017 earnings at ($1.86) EPS, FY2018 earnings at ($1.47) EPS, FY2019 earnings at ($1.09) EPS, FY2020 earnings at ($1.20) EPS and FY2021 earnings at ($0.94) EPS.
A number of other brokerages also recently weighed in on NOVN. Piper Jaffray Companies reiterated a “buy” rating on shares of Novan in a report on Thursday. ValuEngine downgraded Novan from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Finally, Zacks Investment Research downgraded Novan from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Novan presently has an average rating of “Hold” and an average target price of $14.69.
Novan (NASDAQ NOVN) opened at 5.05 on Monday. The firm’s 50-day moving average price is $4.19 and its 200 day moving average price is $5.98. Novan has a 12-month low of $3.52 and a 12-month high of $30.90. The company’s market capitalization is $80.64 million.
Novan (NASDAQ:NOVN) last posted its earnings results on Friday, May 12th. The company reported ($0.73) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by $0.24. The business had revenue of $0.10 million during the quarter, compared to analysts’ expectations of $10.80 million.
Several institutional investors have recently added to or reduced their stakes in NOVN. Driehaus Capital Management LLC boosted its position 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 buying an additional 50,075 shares during the period. Prospera Financial Services Inc boosted its position in shares of Novan by 12.1% in the first quarter. Prospera Financial Services Inc now owns 27,773 shares of the company’s stock valued at $176,000 after buying an additional 2,995 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Novan during the fourth quarter valued at $551,000. 8.80% of the stock is currently owned by institutional investors.
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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