Novan (NASDAQ:NOVN) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Novan (NASDAQ:NOVN – Get Rating) in a research report released on Thursday. The firm issued a sell rating on the stock.

Novan Trading Down 5.3 %

NASDAQ NOVN opened at $1.07 on Thursday. Novan has a 12-month low of $0.79 and a 12-month high of $4.09. The firm’s 50 day moving average is $1.40 and its 200-day moving average is $1.44.

Institutional Trading of Novan

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. raised its holdings in shares of Novan by 76.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 155,000 shares of the company’s stock valued at $226,000 after purchasing an additional 67,200 shares during the last quarter. Wealthsource Partners LLC acquired a new position in Novan during the third quarter worth $291,000. Citadel Advisors LLC acquired a new position in Novan during the third quarter worth $33,000. Armistice Capital LLC increased its holdings in Novan by 75.4% during the third quarter. Armistice Capital LLC now owns 2,293,000 shares of the company’s stock worth $4,288,000 after buying an additional 985,897 shares during the last quarter. Finally, Forum Financial Management LP acquired a new position in Novan during the third quarter worth $28,000. 20.68% of the stock is currently owned by institutional investors and hedge funds.

Novan Company Profile

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Novan, Inc is a biotechnology company, which engages in leveraging nitric oxide’s natural antiviral and immunomodulatory mechanisms of action to treat dermatological and oncovirus-mediated diseases. Its products pipeline includes SB204, SB206, SB208, and SB414. The company was founded by Mark Schoenfisch and Nathan Stasko in 2006 and is headquartered in Durham, NC.