Short Interest in Novan, Inc. (NASDAQ:NOVN) Decreases By 16.7%


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Novan, Inc. (NASDAQ:NOVN) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 2,850,000 shares, a drop of 16.7% from the March 31st total of 3,420,000 shares. Based on an average daily trading volume, of 10,460,000 shares, the short-interest ratio is presently 0.3 days.

In related news, CEO Paula B. Stafford purchased 70,000 shares of the firm’s stock in a transaction dated Friday, March 26th. The stock was bought at an average price of $1.43 per share, for a total transaction of $100,100.00. Following the purchase, the chief executive officer now owns 150,693 shares in the company, valued at approximately $215,490.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.00% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. acquired a new position in Novan in the third quarter valued at about $26,000. Morgan Stanley acquired a new position in shares of Novan in the third quarter valued at approximately $106,000. Virtu Financial LLC bought a new position in Novan during the 3rd quarter worth about $33,000. BlackRock Inc. raised its stake in shares of Novan by 18,771.3% in the 4th quarter. BlackRock Inc. now owns 3,434,770 shares of the company’s stock valued at $2,793,000 after purchasing an additional 3,416,569 shares during the period. Finally, HighTower Advisors LLC acquired a new position in shares of Novan during the fourth quarter worth about $39,000. 6.23% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:NOVN traded up $0.01 on Tuesday, hitting $1.29. 114,218 shares of the stock were exchanged, compared to its average volume of 13,931,743. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.56 and a current ratio of 5.56. Novan has a 52 week low of $0.30 and a 52 week high of $2.59. The stock has a market capitalization of $194.87 million, a price-to-earnings ratio of -5.77 and a beta of 0.01. The company’s 50-day moving average price is $1.43 and its 200 day moving average price is $1.11.

Novan (NASDAQ:NOVN) last issued its earnings results on Thursday, February 25th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The business had revenue of $1.07 million for the quarter, compared to the consensus estimate of $1.74 million. As a group, equities research analysts predict that Novan will post -0.32 earnings per share for the current year.

NOVN has been the topic of a number of research reports. HC Wainwright boosted their target price on shares of Novan from $1.50 to $2.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Capital started coverage on Novan in a report on Wednesday, April 28th. They set a “buy” rating and a $3.00 price objective for the company.

Novan Company Profile

Novan, Inc, a clinical development-stage biotechnology company, provides nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage dermatology drug candidates include SB204, a topical monotherapy for the treatment of acne vulgaris; SB206, a topical anti-viral gel for the treatment of viral skin infections; SB208, a topical broad-spectrum anti-fungal gel for the treatment of fungal infections of the skin and nails, including athlete's foot and fungal nail infections; and SB414, a topical cream-based gel product candidate for the treatment of inflammatory skin diseases.

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