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

StockNews.com began coverage on shares of Novan (NASDAQ:NOVN) in a note issued to investors on Sunday. The firm set a “sell” rating on the stock.

Novan Price Performance

Novan stock opened at $0.00 on Friday. The stock has a market cap of $22,412.00, a PE ratio of 0.00 and a beta of -0.06. Novan has a 1-year low of $0.08 and a 1-year high of $3.33.

Institutional Trading of Novan

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Novan by 1.1% in the first quarter. Vanguard Group Inc. now owns 789,719 shares of the company’s stock worth $3,112,000 after buying an additional 8,899 shares during the period. Renaissance Technologies LLC lifted its holdings 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 buying an additional 38,293 shares during the period. State Street Corp lifted its holdings in Novan by 9.2% in the first quarter. State Street Corp now owns 54,668 shares of the company’s stock worth $215,000 after buying an additional 4,592 shares during the period. Goldman Sachs Group Inc. purchased a new stake in Novan in the first quarter worth about $113,000. Finally, Citadel Advisors LLC purchased a new stake in Novan in the third quarter worth about $33,000. 14.51% of the stock is currently owned by hedge funds and other institutional investors.

About Novan

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.