Novan, Inc. (NASDAQ:NOVN) to Post Q2 2022 Earnings of ($0.61) Per Share, Zacks Investment Research Forecasts

Novan, Inc. (NASDAQ:NOVNGet Rating) – Equities researchers at Zacks Investment Research issued their Q2 2022 earnings per share (EPS) estimates for Novan in a research note issued on Monday, May 23rd. Zacks Investment Research analyst J. Vandermosten anticipates that the company will post earnings of ($0.61) per share for the quarter. Zacks Investment Research also issued estimates for Novan’s Q3 2022 earnings at ($0.40) EPS.

Novan (NASDAQ:NOVNGet Rating) last released its quarterly earnings data on Monday, May 16th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.14). Novan had a negative return on equity of 165.01% and a negative net margin of 838.95%. During the same quarter in the previous year, the company earned ($0.60) EPS.

Other research analysts have also issued research reports about the company. StockNews.com initiated coverage on Novan in a research report on Thursday, March 31st. They set a “sell” rating for the company. HC Wainwright restated a “buy” rating and set a $24.00 target price on shares of Novan in a report on Tuesday, March 15th.

Shares of NASDAQ:NOVN opened at $2.67 on Wednesday. The firm has a market cap of $51.19 million, a PE ratio of -1.42 and a beta of 0.18. The company has a fifty day simple moving average of $3.11 and a 200 day simple moving average of $3.87. The company has a current ratio of 1.25, a quick ratio of 4.85 and a debt-to-equity ratio of 2.81. Novan has a 12-month low of $2.24 and a 12-month high of $20.74.

In other news, Director John W. Palmour bought 10,000 shares of the stock in a transaction on Friday, March 18th. The shares were purchased at an average price of $3.63 per share, for a total transaction of $36,300.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have bought 20,000 shares of company stock worth $70,480. 1.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. acquired a new stake in shares of Novan in the first quarter worth about $113,000. State Street Corp lifted its stake in shares of Novan by 9.2% in the first quarter. State Street Corp now owns 54,668 shares of the company’s stock worth $215,000 after buying an additional 4,592 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Novan by 11.1% in the 1st quarter. Renaissance Technologies LLC now owns 382,665 shares of the company’s stock worth $1,508,000 after acquiring an additional 38,293 shares during the period. Vanguard Group Inc. lifted its position in Novan by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 789,719 shares of the company’s stock worth $3,112,000 after acquiring an additional 8,899 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC boosted its holdings in Novan by 61.8% during the first quarter. Oak Harbor Wealth Partners LLC now owns 52,366 shares of the company’s stock valued at $206,000 after acquiring an additional 20,000 shares during the period. Hedge funds and other institutional investors own 12.95% of the company’s stock.

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.

Further Reading

Earnings History and Estimates for Novan (NASDAQ:NOVN)

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