Novan (NOVN) Upgraded at ValuEngine

Novan (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.

Several other brokerages have also recently issued reports on NOVN. Zacks Investment Research raised shares of Novan from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Wedbush reissued a “neutral” rating and issued a $6.00 price objective on shares of Novan in a research note on Monday, September 25th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of Novan in a research note on Thursday, August 3rd.

Shares of Novan (NOVN) traded down $0.15 on Friday, reaching $4.86. 39,257 shares of the company’s stock traded hands, compared to its average volume of 50,590. Novan has a 12 month low of $3.52 and a 12 month high of $30.90.

A hedge fund recently raised its stake in Novan stock. Vanguard Group Inc. lifted its stake in shares of Novan Inc. (NASDAQ:NOVN) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 194,611 shares of the company’s stock after purchasing an additional 13,257 shares during the quarter. Vanguard Group Inc. owned about 1.22% of Novan worth $785,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 5.84% of the company’s stock.

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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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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