Novan (NOVN) Rating Increased to Hold at ValuEngine

Novan (NASDAQ:NOVN) was upgraded by equities research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued on Thursday, ValuEngine reports.

NOVN has been the subject of several other reports. Zacks Investment Research downgraded shares of Novan from a “hold” rating to a “sell” rating in a research note on Saturday, May 11th. JMP Securities downgraded shares of Novan from an “outperform” rating to a “market perform” rating in a research note on Friday, March 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Novan has a consensus rating of “Hold” and an average target price of $4.33.

Shares of NASDAQ NOVN opened at $2.25 on Thursday. Novan has a twelve month low of $0.65 and a twelve month high of $3.25.

In related news, CEO G. Kelly Martin purchased 60,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was purchased at an average cost of $1.43 per share, with a total value of $85,800.00. Following the completion of the purchase, the chief executive officer now owns 60,000 shares in the company, valued at approximately $85,800. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Alexander Ingram purchased 50,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was bought at an average cost of $2.21 per share, with a total value of $110,500.00. Following the completion of the purchase, the director now owns 169,777 shares of the company’s stock, valued at approximately $375,207.17. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 206,286 shares of company stock valued at $374,613. Insiders own 8.83% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of NOVN. Bank of New York Mellon Corp bought a new stake in Novan in the fourth quarter valued at $25,000. RMB Capital Management LLC increased its stake in Novan by 45.5% in the fourth quarter. RMB Capital Management LLC now owns 32,000 shares of the company’s stock valued at $27,000 after purchasing an additional 10,000 shares in the last quarter. Deutsche Bank AG increased its stake in Novan by 4,462.7% in the fourth quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock valued at $39,000 after purchasing an additional 46,814 shares in the last quarter. Prospera Financial Services Inc increased its stake in Novan by 44.3% in the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock valued at $79,000 after purchasing an additional 26,860 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Novan by 52.0% in the third quarter. Renaissance Technologies LLC now owns 89,700 shares of the company’s stock valued at $250,000 after purchasing an additional 30,700 shares in the last quarter. 6.35% of the stock is owned by hedge funds and other institutional investors.

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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