Novan Inc (NOVN) Rating Increased to Sell at ValuEngine
Novan Inc (NASDAQ:NOVN) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Friday.
Other research analysts have also issued research reports about the stock. Piper Jaffray Companies restated a “buy” rating on shares of Novan in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of Novan from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $14.69.
Shares of Novan (NASDAQ:NOVN) traded down 9.61% during midday trading on Friday, reaching $6.30. 194,185 shares of the company traded hands. The company’s 50 day moving average is $6.49 and its 200-day moving average is $6.26. The stock’s market capitalization is $100.70 million. Novan has a 12 month low of $3.52 and a 12 month high of $30.90.
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In other Novan news, Director Robert Alexander Ingram purchased 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were purchased at an average price of $4.57 per share, for a total transaction of $54,840.00. Following the completion of the acquisition, the director now owns 61,312 shares of the company’s stock, valued at approximately $280,195.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 10.72% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. purchased a new stake in shares of Novan during the second quarter valued at approximately $105,000. Vanguard Group Inc. raised its stake in shares of Novan by 7.3% during the second quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock valued at $785,000 after purchasing an additional 13,257 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in shares of Novan by 21.8% during the first quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock valued at $1,787,000 after purchasing an additional 50,075 shares during the period. Institutional investors own 6.05% of the company’s stock.
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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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