Novan Inc (NOVN) Posts Earnings Results, Beats Expectations By $0.32 EPS

Novan Inc (NASDAQ:NOVN) released its quarterly earnings data on Monday. The company reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.32. During the same period last year, the company posted ($0.82) earnings per share.

Shares of Novan (NASDAQ:NOVN) opened at 6.53 on Tuesday. The company’s market cap is $104.08 million. Novan has a 12 month low of $3.52 and a 12 month high of $30.90. The firm’s 50-day moving average price is $5.50 and its 200-day moving average price is $17.91.

A hedge fund recently bought a new stake in Novan stock. State Street Corp bought a new position in Novan Inc (NASDAQ:NOVN) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 47,184 shares of the company’s stock, valued at approximately $1,274,000. State Street Corp owned approximately 0.30% of Novan as of its most recent filing with the SEC. 12.75% of the stock is currently owned by institutional investors.

A number of research firms recently commented on NOVN. Wedbush restated a “neutral” rating and issued a $8.00 price objective on shares of Novan in a report on Monday. Zacks Investment Research upgraded Novan from a “sell” rating to a “hold” rating in a report on Wednesday, December 28th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $17.49.

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About Novan

Novan, Inc is a late-stage pharmaceutical company. The Company is engaged in the development and commercialization of therapies using its nitric oxide platform. The Company develops product candidates using its Nitricil technology, which enables the Company to engineer tunable new chemical entities (NCEs).

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