Novan Inc (NASDAQ:NOVN) was the target of a significant decrease in short interest during the month of July. As of July 14th, there was short interest totalling 414,139 shares, a decrease of 26.4% from the June 30th total of 562,517 shares. Currently, 4.5% of the shares of the company are sold short. Based on an average trading volume of 54,529 shares, the short-interest ratio is currently 7.6 days.
Novan (NASDAQ NOVN) opened at 3.99 on Friday. The firm’s 50-day moving average price is $4.28 and its 200 day moving average price is $5.02. Novan has a one year low of $3.52 and a one year high of $30.90. The firm’s market cap is $63.78 million.
A number of equities analysts recently issued reports on NOVN shares. 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 reaffirmed a “buy” rating on shares of Novan in a research note on Thursday, August 3rd. Finally, ValuEngine lowered shares of Novan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus 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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