Novan (NASDAQ:NOVN) Lifted to “Sell” at ValuEngine

ValuEngine upgraded shares of Novan (NASDAQ:NOVN) from a strong sell rating to a sell rating in a research note released on Monday, April 2nd.

Shares of NASDAQ:NOVN remained flat at $$3.17 during trading on Monday. The stock had a trading volume of 8,934 shares, compared to its average volume of 83,321. Novan has a 12 month low of $2.65 and a 12 month high of $7.33. The company has a market capitalization of $80.98, a PE ratio of -1.37 and a beta of 1.22. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of -0.01.

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An institutional investor recently raised its position in Novan stock. Vanguard Group Inc. raised its position in shares of Novan (NASDAQ:NOVN) by 7.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 194,611 shares of the company’s stock after acquiring an additional 13,257 shares during the period. Vanguard Group Inc. owned approximately 1.22% of Novan worth $785,000 at the end of the most recent quarter. Institutional investors and hedge funds own 3.20% of the company’s stock.

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About Novan

Novan, Inc, a clinical-stage drug development company, focuses on the development and commercialization of nitric oxide-based therapies in dermatology. Its lead product candidate is SB204, a cosmetically elegant topical gel that targets multiple mechanisms of action for the treatment of acne vulgaris.

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