Novan, Inc. (NASDAQ:NOVN) Sees Significant Drop in Short Interest

Novan, Inc. (NASDAQ:NOVNGet Rating) was the target of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 412,000 shares, a decline of 17.6% from the May 15th total of 500,300 shares. Based on an average daily volume of 123,900 shares, the days-to-cover ratio is currently 3.3 days.

Several equities analysts have recently commented on NOVN shares. HC Wainwright restated a “buy” rating and issued a $24.00 price objective on shares of Novan in a report on Tuesday, March 15th. StockNews.com began coverage on shares of Novan in a report on Thursday, March 31st. They set a “sell” rating on the stock.

Shares of NOVN traded down $0.03 during midday trading on Thursday, reaching $2.31. The stock had a trading volume of 3,859 shares, compared to its average volume of 138,902. Novan has a 1-year low of $2.24 and a 1-year high of $14.59. The company’s fifty day simple moving average is $2.78 and its two-hundred day simple moving average is $3.51. The company has a market cap of $44.29 million, a price-to-earnings ratio of -1.20 and a beta of 0.20. The company has a debt-to-equity ratio of 2.81, a current ratio of 1.25 and a quick ratio of 1.22.

Novan (NASDAQ:NOVNGet Rating) last posted its earnings results on Monday, May 16th. The company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.14). Novan had a negative net margin of 838.95% and a negative return on equity of 165.01%. During the same quarter in the previous year, the company earned ($0.60) earnings per share. On average, sell-side analysts forecast that Novan will post -2.22 earnings per share for the current year.

In other Novan news, Director John W. Palmour bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The stock was bought at an average cost of $3.63 per share, for a total transaction of $36,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 15,000 shares of company stock worth $53,780 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Management Inc. grew its position in shares of Novan by 50.7% in the 4th quarter. B. Riley Wealth Management Inc. now owns 33,150 shares of the company’s stock valued at $138,000 after buying an additional 11,150 shares during the last quarter. Geode Capital Management LLC grew its position in Novan by 9.5% during the 3rd quarter. Geode Capital Management LLC now owns 134,684 shares of the company’s stock worth $1,096,000 after purchasing an additional 11,721 shares during the last quarter. State Street Corp grew its position in Novan by 9.2% during the 1st quarter. State Street Corp now owns 54,668 shares of the company’s stock worth $215,000 after purchasing an additional 4,592 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in Novan during the 4th quarter worth $180,000. Finally, Virtu Financial LLC purchased a new position in Novan during the 4th quarter worth $151,000. 12.95% of the stock is currently owned by hedge funds and other institutional investors.

About Novan (Get Rating)

Novan, Inc, a pre-commercial nitric oxide-based pharmaceutical company, focuses on dermatology and anti-infective therapies. 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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