Novan Inc (NOVN) Coverage Initiated at Wedbush
Research analysts at Wedbush started coverage on shares of Novan Inc (NASDAQ:NOVN) in a research note issued to investors on Monday. The firm set an “outperform” rating and a $27.00 price target on the stock. Wedbush’s target price suggests a potential upside of 31.00% from the company’s current price.
Separately, Piper Jaffray Cos. started coverage on Novan in a research note on Monday. They set an “overweight” rating and a $25.00 target price 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. Novan has a 12-month low of $13.77 and a 12-month high of $23.79. The firm’s market cap is $50.43 million.
In other news, major shareholder Life Sciences Holdings L. Malin purchased 800,000 shares of the company’s stock in a transaction that occurred on Monday, September 26th. The stock was acquired at an average cost of $11.00 per share, with a total value of $8,800,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.
Novan Company Profile
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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