Insider Buying: Novan Inc (NASDAQ:NOVN) Director Acquires 12,000 Shares of Stock

Novan Inc (NASDAQ:NOVN) Director John W. Palmour purchased 12,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were bought at an average price of $3.99 per share, for a total transaction of $47,880.00. Following the completion of the acquisition, the director now owns 253,568 shares in the company, valued at $1,011,736.32. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Novan Inc (NASDAQ NOVN) opened at 6.12 on Monday. The firm’s 50-day moving average is $4.59 and its 200-day moving average is $5.03. Novan Inc has a 52-week low of $3.52 and a 52-week high of $30.90. The firm’s market cap is $97.82 million.

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Institutional investors and hedge funds have recently made changes to their positions in the company. Driehaus Capital Management LLC grew its position in shares of Novan by 21.8% in the 1st quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock valued at $1,787,000 after acquiring an additional 50,075 shares during the period. Goldman Sachs Group Inc. bought a new position in shares of Novan in the 2nd quarter valued at about $105,000. Finally, Vanguard Group Inc. grew its position in shares of Novan by 7.3% in the 2nd quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock valued at $785,000 after acquiring an additional 13,257 shares during the period. 6.05% of the stock is owned by institutional investors.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Novan from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Novan in a research note on Thursday, August 3rd. Finally, ValuEngine lowered shares of Novan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Novan currently has an average rating of “Hold” and a consensus target price of $14.69.

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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