Novan (NASDAQ:NOVN) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Novan (NASDAQ:NOVN) in a research note published on Monday. The firm issued a sell rating on the stock.

Novan Stock Performance

Shares of NOVN opened at $0.00 on Monday. Novan has a 12-month low of $0.08 and a 12-month high of $3.33. The firm has a market cap of $22,412.00, a P/E ratio of 0.00 and a beta of -0.06.

Hedge Funds Weigh In On Novan

Several large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. lifted its stake in Novan by 20.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 187,000 shares of the company’s stock worth $243,000 after purchasing an additional 32,000 shares during the last quarter. Armistice Capital LLC acquired a new stake in Novan in the first quarter worth $2,921,000. Two Sigma Securities LLC acquired a new stake in Novan in the first quarter worth $50,000. Wealthsource Partners LLC acquired a new stake in Novan in the third quarter worth $291,000. Finally, Citadel Advisors LLC acquired a new stake in Novan in the third quarter worth $33,000. 14.51% of the stock is currently owned by institutional investors.

About Novan

Novan, Inc, a medical dermatology company, focuses on developing and commercializing therapeutic products for skin diseases. Its clinical stage dermatology drug candidates include SB204, a topical monotherapy for the treatment of acne vulgaris; SB206, a topical anti-viral gel for the treatment of viral skin infections; SB208, a topical broad-spectrum anti-fungal gel for the treatment of fungal infections of the skin and nails, including athlete's foot and fungal nail infections; and SB414, a topical cream-based gel product candidate for the treatment of inflammatory skin diseases.