Novan (NASDAQ:NOVN) Coverage Initiated by Analysts at StockNews.com

StockNews.com began coverage on shares of Novan (NASDAQ:NOVN) in a research note published on Monday. The brokerage issued a sell rating on the stock.

Novan Price Performance

Shares of NOVN opened at $0.00 on Monday. The stock has a market capitalization of $22,412.00, a P/E ratio of 0.00 and a beta of -0.06. Novan has a fifty-two week low of $0.08 and a fifty-two week high of $3.33.

Hedge Funds Weigh In On Novan

Several hedge funds have recently bought and sold shares of the company. Armistice Capital LLC bought a new position in Novan in the 1st quarter valued at $2,921,000. Wealthsource Partners LLC purchased a new position in Novan in the third quarter worth $291,000. B. Riley Wealth Advisors Inc. purchased a new position in Novan in the third quarter worth $165,000. Two Sigma Securities LLC purchased a new position in Novan in the first quarter worth $50,000. Finally, Renaissance Technologies LLC grew its position in Novan by 11.1% in the first quarter. Renaissance Technologies LLC now owns 382,665 shares of the company’s stock worth $1,508,000 after acquiring an additional 38,293 shares in the last quarter. 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.