Credit Suisse Group AG Initiates Coverage on Novan Inc (NOVN)
Analysts at Credit Suisse Group AG assumed coverage on shares of Novan Inc (NASDAQ:NOVN) in a report issued on Monday. The brokerage set an “outperform” rating and a $18.97 price target on the stock. Credit Suisse Group AG’s target price would suggest a potential downside of 7.96% from the stock’s current price.
A number of other research analysts have also recently weighed in on NOVN. Wedbush began coverage on shares of Novan in a report on Monday. They issued an “outperform” rating and a $27.00 price objective for the company. JMP Securities began coverage on shares of Novan in a report on Monday. They issued an “outperform” rating and a $31.00 price objective for the company. Finally, Piper Jaffray Cos. began coverage on shares of Novan in a report on Monday. They issued an “overweight” rating and a $25.00 price objective for the company.
Novan (NASDAQ:NOVN) opened at 20.61 on Monday. The firm has a 50-day moving average of $19.87 and a 200-day moving average of $19.87. The company’s market capitalization is $50.43 million. Novan has a 52 week low of $13.77 and a 52 week high of $23.79.
In other news, major shareholder Life Sciences Holdings L. Malin purchased 800,000 shares of the stock in a transaction on Monday, September 26th. The stock was bought at an average price of $11.00 per share, for a total transaction of $8,800,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
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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