Zacks: Analysts Expect Novan, Inc. (NASDAQ:NOVN) Will Announce Quarterly Sales of $1.27 Million

Analysts expect that Novan, Inc. (NASDAQ:NOVNGet Rating) will report $1.27 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Novan’s earnings. The lowest sales estimate is $650,000.00 and the highest is $1.85 million. Novan posted sales of $820,000.00 during the same quarter last year, which would indicate a positive year over year growth rate of 54.9%. The firm is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Novan will report full-year sales of $14.43 million for the current fiscal year, with estimates ranging from $2.72 million to $18.89 million. For the next fiscal year, analysts expect that the firm will post sales of $27.77 million, with estimates ranging from $2.72 million to $41.14 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Novan.

Novan (NASDAQ:NOVNGet Rating) last posted its quarterly earnings data on Tuesday, February 22nd. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.02). Novan had a negative return on equity of 152.89% and a negative net margin of 1,003.79%. The firm had revenue of $0.66 million for the quarter, compared to analysts’ expectations of $0.70 million. During the same quarter in the previous year, the firm posted ($0.70) earnings per share.

NOVN has been the topic of several recent analyst reports. StockNews.com assumed coverage on Novan in a report on Thursday, March 31st. They set a “sell” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $24.00 target price on shares of Novan in a research report on Tuesday, March 15th.

In other Novan news, Director John W. Palmour purchased 10,000 shares of the stock in a transaction on Friday, March 18th. The stock was acquired at an average cost of $3.63 per share, with a total value of $36,300.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 20,000 shares of company stock valued at $70,480 over the last 90 days. Company insiders own 1.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new position in Novan during the fourth quarter valued at approximately $1,436,000. Morgan Stanley grew its stake in Novan by 16.3% during the first quarter. Morgan Stanley now owns 258,617 shares of the company’s stock valued at $404,000 after acquiring an additional 36,196 shares in the last quarter. Geode Capital Management LLC lifted its position in Novan by 9.5% during the third quarter. Geode Capital Management LLC now owns 134,684 shares of the company’s stock valued at $1,096,000 after purchasing an additional 11,721 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Novan by 557.7% in the 3rd quarter. GSA Capital Partners LLP now owns 89,211 shares of the company’s stock worth $726,000 after acquiring an additional 75,646 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in Novan during the 4th quarter valued at about $180,000. Institutional investors own 8.81% of the company’s stock.

Shares of Novan stock opened at $2.95 on Friday. Novan has a 1-year low of $2.68 and a 1-year high of $20.74. The firm’s 50-day moving average price is $3.39 and its two-hundred day moving average price is $4.39. The stock has a market capitalization of $55.52 million, a price-to-earnings ratio of -1.67 and a beta of -0.01.

Novan Company Profile (Get Rating)

Novan, Inc, a pre-commercial nitric oxide-based pharmaceutical company, focuses on dermatology and anti-infective therapies. Its clinical stage dermatology drug candidates include SB204, a topical monotherapy for the treatment of acne vulgaris; SB206, a topical anti-viral gel for the treatment of viral skin infections; SB208, a topical broad-spectrum anti-fungal gel for the treatment of fungal infections of the skin and nails, including athlete's foot and fungal nail infections; and SB414, a topical cream-based gel product candidate for the treatment of inflammatory skin diseases.

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