Novan (NOVN) Reaches New 52-Week Low at $3.40

Novan Inc (NASDAQ:NOVN) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $3.40 and last traded at $4.24, with a volume of 19900 shares trading hands. The stock had previously closed at $4.30.

Several equities research analysts have issued reports on the stock. ValuEngine upgraded shares of Novan from a “strong sell” rating to a “sell” rating in a research note on Sunday, December 31st. Wedbush reiterated a “neutral” rating and issued a $6.00 price target on shares of Novan in a research note on Monday, September 25th. Finally, Zacks Investment Research upgraded shares of Novan from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th.

The stock has a market cap of $57.73 and a P/E ratio of -1.97.

An institutional investor recently bought a new position in Novan stock. Goldman Sachs Group Inc. purchased a new stake in Novan Inc (NASDAQ:NOVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 25,972 shares of the company’s stock, valued at approximately $105,000. Goldman Sachs Group Inc. owned about 0.16% of Novan at the end of the most recent quarter. 5.84% of the stock is currently owned by hedge funds and other institutional investors.

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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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