Brokerages expect Novan Inc (NASDAQ:NOVN) to announce sales of $1.10 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Novan’s earnings. Novan reported sales of $4.04 million during the same quarter last year, which indicates a negative year over year growth rate of 72.8%. The business is scheduled to issue its next quarterly earnings results on Wednesday, March 25th.
On average, analysts expect that Novan will report full year sales of $4.50 million for the current fiscal year, with estimates ranging from $4.40 million to $4.60 million. For the next financial year, analysts expect that the business will report sales of $4.40 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Novan.
A number of research firms have recently weighed in on NOVN. Zacks Investment Research lowered Novan from a “hold” rating to a “sell” rating in a research note on Saturday, November 16th. ValuEngine cut shares of Novan from a “hold” rating to a “sell” rating in a report on Saturday.
Novan stock traded up $0.02 during trading hours on Tuesday, reaching $2.15. The company had a trading volume of 37,294 shares, compared to its average volume of 45,575. Novan has a 12-month low of $0.65 and a 12-month high of $3.02. The company has a 50-day moving average price of $2.18 and a 200 day moving average price of $2.47. The firm has a market cap of $56.90 million, a price-to-earnings ratio of -1.90 and a beta of 1.84.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Novan by 38.8% in the second quarter. Vanguard Group Inc. now owns 456,346 shares of the company’s stock valued at $1,232,000 after acquiring an additional 127,534 shares during the period. Renaissance Technologies LLC raised its stake in shares of Novan by 49.3% during the second quarter. Renaissance Technologies LLC now owns 201,949 shares of the company’s stock valued at $545,000 after acquiring an additional 66,658 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Novan by 105.6% during the second quarter. BlackRock Inc. now owns 95,990 shares of the company’s stock worth $260,000 after purchasing an additional 49,305 shares during the period. Prospera Financial Services Inc boosted its holdings in shares of Novan by 11.8% during the third quarter. Prospera Financial Services Inc now owns 95,435 shares of the company’s stock worth $246,000 after purchasing an additional 10,083 shares during the period. Finally, RMB Capital Management LLC grew its stake in shares of Novan by 21.3% in the second quarter. RMB Capital Management LLC now owns 57,000 shares of the company’s stock worth $154,000 after purchasing an additional 10,000 shares during the last quarter. 5.51% of the stock is currently owned by institutional investors and hedge funds.
Novan Company Profile
Novan, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage product candidates include SB204, a topical monotherapy that is in Phase III pivotal clinical trials for the treatment of acne vulgaris; and SB206, a topical antiviral gel, which is in Phase III pivotal trials for the treatment of patients with external genital warts, and Phase II clinical trial for the treatment of molluscum contagiosum.
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