Wedbush reiterated their outperform rating on shares of Novan Inc (NASDAQ:NOVN) in a research note published on Tuesday morning. The brokerage currently has a $33.00 price objective on the stock.

Several other analysts have also recently weighed in on the stock. Credit Suisse Group AG started coverage on shares of Novan in a report on Monday, October 17th. They issued an outperform rating and a $18.97 target price on the stock. Piper Jaffray Cos. started coverage on shares of Novan in a report on Monday, October 17th. They issued an overweight rating and a $25.00 target price on the stock. Finally, JMP Securities started coverage on shares of Novan in a report on Monday, October 17th. They issued an outperform rating and a $31.00 target price on the stock.

Shares of Novan (NASDAQ:NOVN) opened at 27.18 on Tuesday. The stock’s market capitalization is $433.19 million. Novan has a 12-month low of $13.77 and a 12-month high of $24.50. The stock has a 50 day moving average of $20.94 and a 200 day moving average of $20.76.

Novan (NASDAQ:NOVN) last issued its earnings results on Monday, November 14th. The company reported ($5.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.40) by $4.36. During the same quarter in the previous year, the business earned ($2.66) EPS. Equities research analysts anticipate that Novan will post ($10.77) EPS for the current fiscal year.

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In other Novan news, major shareholder Life Sciences Holdings L. Malin bought 800,000 shares of the business’s stock in a transaction dated Monday, September 26th. The shares were acquired at an average cost of $11.00 per share, with a total value of $8,800,000.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional investors have recently made changes to their positions in the stock. Partner Investment Management L.P. acquired a new position in shares of Novan during the third quarter worth approximately $141,000. Spark Investment Management LLC purchased a new position in Novan during the third quarter worth $228,000. Geduld E E purchased a new position in Novan during the third quarter worth $252,000. Emerald Acquisition Ltd. purchased a new position in Novan during the third quarter worth $537,000. Finally, Monashee Investment Management LLC purchased a new position in Novan during the third quarter worth $1,514,000.

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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