Novan Inc (NASDAQ:NOVN) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday.

Several other research analysts have also commented on the company. Zacks Investment Research lowered Novan from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Piper Jaffray Companies reiterated a “buy” rating on shares of Novan in a report on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $14.69.

Novan (NOVN) remained flat at $5.49 on Friday. The stock had a trading volume of 1,589 shares. The company’s market cap is $87.75 million. The stock has a 50-day moving average price of $6.31 and a 200 day moving average price of $6.31. Novan has a 52 week low of $3.52 and a 52 week high of $30.90.

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In related news, Director Robert Alexander Ingram acquired 12,000 shares of Novan stock in a transaction that occurred on Tuesday, August 29th. The shares were purchased at an average cost of $4.57 per share, for a total transaction of $54,840.00. Following the acquisition, the director now owns 61,312 shares in the company, valued at $280,195.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 10.72% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Novan by 7.3% in the 2nd quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock valued at $785,000 after buying an additional 13,257 shares during the period. Goldman Sachs Group Inc. purchased a new stake in Novan in the 2nd quarter valued at about $105,000. Finally, Driehaus Capital Management LLC raised its holdings in Novan by 21.8% in the 1st quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock valued at $1,787,000 after buying an additional 50,075 shares during the period. Hedge funds and other 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).

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