Novan (NASDAQ:NOVN) Earns Sell Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of Novan (NASDAQ:NOVN) in a report issued on Tuesday morning. The firm issued a sell rating on the stock.

Several other equities research analysts also recently weighed in on NOVN. Brookline Capital Management downgraded Novan from a buy rating to a hold rating in a report on Thursday, June 15th. Oppenheimer lowered shares of Novan from an outperform rating to a market perform rating in a research note on Thursday, June 1st.

Novan Price Performance

NOVN opened at $0.03 on Tuesday. Novan has a 52 week low of $0.08 and a 52 week high of $3.33. The business has a fifty day simple moving average of $0.13 and a 200-day simple moving average of $0.75. The firm has a market cap of $756,405.00, a P/E ratio of -0.02 and a beta of -0.06.

Institutional Investors Weigh In On Novan

Several institutional investors have recently modified their holdings of NOVN. Citadel Advisors LLC purchased a new stake in shares of Novan during the 3rd quarter worth $33,000. Two Sigma Securities LLC purchased a new stake in shares of Novan during the 1st quarter worth $50,000. Goldman Sachs Group Inc. purchased a new stake in shares of Novan during the 1st quarter worth $113,000. B. Riley Wealth Advisors Inc. purchased a new stake in Novan in the third quarter valued at $165,000. Finally, State Street Corp lifted its position in Novan by 9.2% in the first quarter. State Street Corp now owns 54,668 shares of the company’s stock valued at $215,000 after acquiring an additional 4,592 shares during the last quarter. 14.51% of the stock is owned by hedge funds and other institutional investors.

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.