Novan Inc (NASDAQ:NOVN) Director Robert Alexander Ingram Acquires 12,000 Shares

Novan Inc (NASDAQ:NOVN) Director Robert Alexander Ingram purchased 12,000 shares of Novan stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average price of $4.57 per share, with a total value of $54,840.00. Following the transaction, the director now owns 61,312 shares in the company, valued at approximately $280,195.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of Novan Inc (NOVN) traded down 0.78% during midday trading on Wednesday, hitting $6.40. 87,915 shares of the stock traded hands. The firm’s 50-day moving average is $6.16 and its 200 day moving average is $5.80. The company’s market capitalization is $102.30 million. Novan Inc has a 52 week low of $3.52 and a 52 week high of $30.90.

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Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of Novan from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Piper Jaffray Companies reissued a “buy” rating on shares of Novan in a report on Thursday, August 3rd. Finally, ValuEngine downgraded shares of Novan from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $14.69.

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. bought a new position in shares of Novan during the second quarter valued at approximately $105,000. Vanguard Group Inc. raised its holdings in 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 purchasing an additional 13,257 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in 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 purchasing an additional 50,075 shares in the last quarter. Institutional investors own 6.05% of the company’s stock.

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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