Short Interest in Novan Inc (NASDAQ:NOVN) Declines By 26.4%

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.

Several hedge funds and other institutional investors have recently bought and sold shares of NOVN. Driehaus Capital Management LLC raised its position 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 buying an additional 50,075 shares during the last quarter. Prospera Financial Services Inc increased its stake in Novan by 12.1% in the first quarter. Prospera Financial Services Inc now owns 27,773 shares of the company’s stock worth $176,000 after buying an additional 2,995 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Novan during the fourth quarter valued at $551,000. Goldman Sachs Group Inc. acquired a new stake in shares of Novan during the second quarter valued at $105,000. Finally, Vanguard Group Inc. increased its stake in shares of Novan by 7.3% in the second quarter. Vanguard Group Inc. now owns 194,611 shares of the company’s stock valued at $785,000 after buying an additional 13,257 shares in the last quarter. 8.69% of the stock is currently owned by hedge funds and other institutional investors.

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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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