StockNews.com Begins Coverage on Novan (NASDAQ:NOVN)

Investment analysts at StockNews.com assumed coverage on shares of Novan (NASDAQ:NOVN) in a research note issued on Monday. The firm set a “sell” rating on the stock.

Novan Stock Performance

NOVN opened at $0.09 on Monday. The stock has a market cap of $2.64 million, a PE ratio of -0.07 and a beta of -0.06. Novan has a 52-week low of $0.08 and a 52-week high of $3.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NOVN. State Street Corp increased its stake in shares of Novan by 9.2% in the 1st quarter. State Street Corp now owns 54,668 shares of the company’s stock worth $215,000 after acquiring an additional 4,592 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Novan by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 789,719 shares of the company’s stock worth $3,112,000 after acquiring an additional 8,899 shares in the last quarter. Citadel Advisors LLC acquired a new position in Novan during the third quarter worth approximately $33,000. Goldman Sachs Group Inc. acquired a new position in Novan during the first quarter worth approximately $113,000. Finally, B. Riley Wealth Advisors Inc. increased its holdings in shares of Novan by 20.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 187,000 shares of the company’s stock valued at $243,000 after purchasing an additional 32,000 shares during the period. Hedge funds and other institutional investors own 14.51% of the company’s stock.

Novan Company Profile

Novan, Inc, a medical dermatology company, focuses on developing and commercializing therapeutic products for skin 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.