Novan, Inc. (NASDAQ:NOVN) Forecasted to Earn FY2023 Earnings of ($0.98) Per Share

Novan, Inc. (NASDAQ:NOVNGet Rating) – Research analysts at Cantor Fitzgerald boosted their FY2023 earnings per share estimates for Novan in a report issued on Wednesday, November 16th. Cantor Fitzgerald analyst J. Kim now anticipates that the company will post earnings per share of ($0.98) for the year, up from their prior estimate of ($1.41). The consensus estimate for Novan’s current full-year earnings is ($1.71) per share.

A number of other research firms have also recently commented on NOVN. HC Wainwright reduced their price target on Novan from $24.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 16th. StockNews.com assumed coverage on Novan in a report on Wednesday, October 12th. They set a “sell” rating for the company.

Novan Stock Performance

Novan stock opened at $0.87 on Friday. Novan has a 52 week low of $0.79 and a 52 week high of $5.63. The stock has a market capitalization of $18.52 million, a P/E ratio of -0.47 and a beta of 0.34. The stock has a 50-day simple moving average of $1.44 and a 200 day simple moving average of $2.19.

Institutional Investors Weigh In On Novan

A number of institutional investors have recently made changes to their positions in the company. Armistice Capital LLC boosted its holdings in shares of 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 acquiring an additional 985,897 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Novan by 1.1% during the first 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 period. Renaissance Technologies LLC boosted its holdings in shares of Novan by 11.1% during the first 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. Wealthsource Partners LLC bought a new stake in shares of Novan during the third quarter worth approximately $291,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Novan during the first quarter worth approximately $501,000. Institutional investors own 15.65% of the company’s stock.

Novan Company Profile

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Novan, Inc, a medical dermatology company, focuses on researching, developing, and commercializing therapeutic products for skin diseases. 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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Earnings History and Estimates for Novan (NASDAQ:NOVN)

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