Brokers Issue Forecasts for Novan Inc’s FY2022 Earnings (NASDAQ:NOVN)

Novan Inc (NASDAQ:NOVN) – Piper Jaffray Companies decreased their FY2022 earnings per share estimates for shares of Novan in a report released on Tuesday, August 13th. Piper Jaffray Companies analyst D. Amsellem now forecasts that the company will earn $0.00 per share for the year, down from their previous estimate of $0.02. Piper Jaffray Companies also issued estimates for Novan’s FY2023 earnings at $0.25 EPS.

Several other research analysts also recently commented on NOVN. ValuEngine raised shares of Novan from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Zacks Investment Research downgraded shares of Novan from a “buy” rating to a “hold” rating in a report on Thursday, August 8th.

Shares of NASDAQ:NOVN opened at $2.51 on Thursday. The firm has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $1.79. Novan has a one year low of $0.65 and a one year high of $3.24. The company has a market cap of $65.69 million, a price-to-earnings ratio of -2.22 and a beta of 1.84.

Novan (NASDAQ:NOVN) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.69) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.37). Novan had a negative net margin of 225.10% and a negative return on equity of 2,068.56%.

Several hedge funds and other institutional investors have recently bought and sold shares of NOVN. Bank of New York Mellon Corp acquired a new stake in shares of Novan in the fourth quarter valued at about $25,000. Deutsche Bank AG increased its position in Novan by 4,462.7% during the fourth quarter. Deutsche Bank AG now owns 47,863 shares of the company’s stock worth $39,000 after buying an additional 46,814 shares during the last quarter. Prospera Financial Services Inc increased its position in Novan by 44.3% during the first quarter. Prospera Financial Services Inc now owns 87,552 shares of the company’s stock worth $79,000 after buying an additional 26,860 shares during the last quarter. Renaissance Technologies LLC increased its position in Novan by 49.3% during the second quarter. Renaissance Technologies LLC now owns 201,949 shares of the company’s stock worth $545,000 after buying an additional 66,658 shares during the last quarter. Finally, RMB Capital Management LLC increased its position in Novan by 21.3% during the second quarter. RMB Capital Management LLC now owns 57,000 shares of the company’s stock worth $154,000 after buying an additional 10,000 shares during the last quarter. 5.35% of the stock is owned by institutional investors.

In related news, insider Paula B. Stafford acquired 80,693 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $1.92 per share, with a total value of $154,930.56. Following the acquisition, the insider now owns 693 shares of the company’s stock, valued at approximately $1,330.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Palmour acquired 20,000 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $2.20 per share, with a total value of $44,000.00. Following the completion of the acquisition, the director now directly owns 293,568 shares in the company, valued at approximately $645,849.60. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 154,193 shares of company stock valued at $316,956. Insiders own 5.36% of the company’s stock.

Novan Company Profile

Novan, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of nitric oxide-based therapies to treat dermatological and oncovirus-mediated diseases. Its clinical stage product candidates include SB204, a topical monotherapy that is in Phase III pivotal clinical trials for the treatment of acne vulgaris; and SB206, a topical antiviral gel, which is in Phase III pivotal trials for the treatment of patients with external genital warts, and Phase II clinical trial for the treatment of molluscum contagiosum.

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Earnings History and Estimates for Novan (NASDAQ:NOVN)

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