Novan Inc (NASDAQ:NOVN) – Analysts at Wedbush boosted their Q1 2017 earnings estimates for shares of Novan in a research report issued on Monday, Zacks Investment Research reports. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings per share of ($0.19) for the quarter, up from their prior estimate of ($0.58). Wedbush has a “Neutral” rating and a $8.00 price target on the stock. Wedbush also issued estimates for Novan’s Q2 2017 earnings at ($0.42) EPS, Q3 2017 earnings at ($0.29) EPS, Q4 2017 earnings at ($0.28) EPS, FY2017 earnings at ($1.22) EPS, FY2018 earnings at ($1.34) EPS, FY2019 earnings at ($0.84) EPS, FY2020 earnings at ($0.81) EPS and FY2021 earnings at ($0.39) EPS.
Novan (NASDAQ:NOVN) last announced its quarterly earnings data on Monday, March 20th. The company reported ($0.82) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.32. During the same quarter last year, the business posted ($0.82) EPS. WARNING: This piece of content was reported by BBNS and is owned by of BBNS. If you are viewing this piece of content on another site, it was illegally copied and reposted in violation of US and international copyright & trademark law. The legal version of this piece of content can be read at https://baseballnewssource.com/markets/analysts-issue-forecasts-for-novan-incs-q1-2017-earnings-novn-2-updated-updated/525383.html.
Several other research firms have also recently weighed in on NOVN. Zacks Investment Research raised shares of Novan from a “sell” rating to a “hold” rating in a report on Wednesday, December 28th. Piper Jaffray Companies set a $11.00 price objective on shares of Novan and gave the company a “buy” rating in a report on Wednesday, April 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Novan has a consensus rating of “Buy” and a consensus target price of $14.69.
Novan (NASDAQ:NOVN) traded down 1.376% during midday trading on Thursday, hitting $5.375. 112,075 shares of the company were exchanged. The stock has a 50 day moving average of $6.21 and a 200 day moving average of $15.74. Novan has a 1-year low of $3.52 and a 1-year high of $30.90. The firm’s market capitalization is $85.83 million.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kingdon Capital Management L.L.C. boosted its position in Novan by 32.7% in the fourth quarter. Kingdon Capital Management L.L.C. now owns 262,625 shares of the company’s stock valued at $7,096,000 after buying an additional 64,685 shares during the last quarter. Abingworth LLP acquired a new stake in shares of Novan during the third quarter worth approximately $4,032,000. Monashee Investment Management LLC acquired a new stake in shares of Novan during the third quarter worth approximately $1,514,000. State Street Corp acquired a new stake in shares of Novan during the fourth quarter worth approximately $1,274,000. Finally, Nicholas Investment Partners LP acquired a new stake in shares of Novan during the fourth quarter worth approximately $1,041,000. 12.75% of the stock is owned by hedge funds and other institutional investors.
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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