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

Analysts at StockNews.com started coverage on shares of Novan (NASDAQ:NOVNGet Free Report) in a research note issued on Sunday. The brokerage set a “sell” rating on the stock.

Novan Stock Performance

Novan has a 52 week low of $0.08 and a 52 week high of $3.33. The firm has a fifty day moving average of $0.01 and a 200-day moving average of $0.29. The company has a market cap of $2.64 million, a price-to-earnings ratio of -0.07 and a beta of -0.06.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Citadel Advisors LLC purchased a new position in shares of Novan during the 3rd quarter worth approximately $33,000. Two Sigma Securities LLC purchased a new position in shares of Novan during the 1st quarter worth approximately $50,000. Goldman Sachs Group Inc. purchased a new position in shares of Novan during the 1st quarter worth approximately $113,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Novan during the 3rd quarter worth approximately $165,000. Finally, State Street Corp boosted its position in shares of Novan by 9.2% in 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 in the last quarter. Hedge funds and other institutional investors own 14.51% of the company’s stock.

Novan Company Profile

(Get Free Report)

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.

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