Novan Inc (NASDAQ:NOVN) Director John W. Palmour acquired 12,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were bought at an average cost of $3.99 per share, for a total transaction of $47,880.00. Following the completion of the transaction, the director now owns 253,568 shares in the company, valued at $1,011,736.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Novan Inc (NOVN) traded up 2.40% on Friday, reaching $4.27. The company had a trading volume of 45,617 shares. Novan Inc has a 1-year low of $3.52 and a 1-year high of $30.90. The stock’s 50 day moving average is $4.27 and its 200-day moving average is $5.01. The stock’s market capitalization is $68.25 million.
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Several large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new stake in Novan during the second quarter worth $105,000. Vanguard Group Inc. raised its position in shares of Novan by 7.3% in the second quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock worth $785,000 after buying an additional 13,257 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of Novan by 21.8% in the first quarter. Driehaus Capital Management LLC now owns 280,147 shares of the company’s stock worth $1,787,000 after buying an additional 50,075 shares in the last quarter. Institutional investors and hedge funds own 8.69% of the company’s stock.
NOVN has been the topic of a number of analyst reports. Zacks Investment Research cut Novan from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. ValuEngine cut Novan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of Novan in a research report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $14.69.
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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