Fintel reports that on May 16, 2023, Oppenheimer maintained coverage of Novan (NASDAQ:NOVN) with a Outperform recommendation.
Analyst Price Forecast Suggests 1,068.21% Upside
As of May 11, 2023, the average one-year price target for Novan is 13.67. The forecasts range from a low of 9.09 to a high of $17.85. The average price target represents an increase of 1,068.21% from its latest reported closing price of 1.17.
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The projected annual revenue for Novan is 29MM, an increase of 18.11%. The projected annual non-GAAP EPS is -1.10.
What is the Fund Sentiment?
There are 46 funds or institutions reporting positions in Novan. This is an increase of 2 owner(s) or 4.55% in the last quarter. Average portfolio weight of all funds dedicated to NOVN is 0.00%, an increase of 35.06%. Total shares owned by institutions increased in the last three months by 123.58% to 4,040K shares. 
The put/call ratio of NOVN is 0.00, indicating a bullish outlook.
What are Other Shareholders Doing?
Armistice Capital holds 2,247K shares representing 8.02% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 545K shares representing 1.95% ownership of the company. No change in the last quarter.
VEXMX - Vanguard Extended Market Index Fund Investor Shares holds 210K shares representing 0.75% ownership of the company. In it's prior filing, the firm reported owning 210K shares, representing an increase of 0.16%. The firm decreased its portfolio allocation in NOVN by 24.64% over the last quarter.
National Asset Management holds 155K shares representing 0.55% ownership of the company. In it's prior filing, the firm reported owning 88K shares, representing an increase of 43.35%. The firm increased its portfolio allocation in NOVN by 27.24% over the last quarter.
Geode Capital Management holds 150K shares representing 0.54% ownership of the company. No change in the last quarter.
Novan Background Information
(This description is provided by the company.)
Novan, Inc. is a clinical development-stage biotechnology company focused on leveraging its proprietary nitric oxide (NO) based technology platform, NITRICIL™ to generate macromolecular New Chemical Entities (NCEs) to treat multiple indications in dermatology, men's and women's health, infectious diseases and gastroenterology conditions with significant unmet needs. The Company's lead product candidate, SB206, a topical antiviral gel, for the treatment of molluscum contagiosum, is currently being evaluated in the B-SIMPLE4 pivotal Phase 3 clinical study. The Company believes that SB206 as a topical, at-home, caregiver-applied therapy with a rapid treatment benefit, if approved, would address an important patient-care need for the treatment of molluscum.
Key filings for this company:
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
