Analysts expect Novan Inc (NASDAQ:NOVN) to report $1.00 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Novan’s earnings, with estimates ranging from $700,000.00 to $1.30 million. Novan reported sales of $660,000.00 during the same quarter last year, which indicates a positive year over year growth rate of 51.5%. The business is scheduled to issue its next quarterly earnings results on Tuesday, May 21st.
According to Zacks, analysts expect that Novan will report full year sales of $3.98 million for the current year, with estimates ranging from $2.60 million to $5.35 million. For the next year, analysts forecast that the company will post sales of $3.98 million, with estimates ranging from $2.60 million to $5.35 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Novan.
Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Novan from a “hold” rating to a “sell” rating in a report on Saturday, May 11th. ValuEngine downgraded Novan from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, JMP Securities downgraded Novan from an “outperform” rating to a “market perform” rating in a report on Friday, March 29th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $6.75.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in Novan by 52.0% in the 3rd quarter. Renaissance Technologies LLC now owns 89,700 shares of the company’s stock worth $250,000 after buying an additional 30,700 shares in the last quarter. RMB Capital Management LLC increased its holdings in Novan by 45.5% in the 4th quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock worth $27,000 after buying an additional 10,000 shares in the last quarter. Prospera Financial Services Inc boosted its position in Novan by 44.3% in the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock worth $79,000 after purchasing an additional 26,860 shares during the last quarter. Deutsche Bank AG boosted its position in Novan by 4,462.7% in the fourth quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock worth $39,000 after purchasing an additional 46,814 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Novan in the fourth quarter worth about $25,000. Institutional investors own 6.55% of the company’s stock.
Novan Company Profile
Novan, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage product candidates include SB204, a topical monotherapy that is in Phase III pivotal clinical trials for the treatment of acne vulgaris; and SB206, a topical antiviral gel, which is in Phase III pivotal trials for the treatment of patients with external genital warts, and Phase II clinical trial for the treatment of molluscum contagiosum.
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