Separately, Piper Jaffray Cos. assumed coverage on shares of Novan in a research note on Monday. They issued an overweight rating and a $25.00 price target for the company.
Novan (NASDAQ:NOVN) traded up 3.51% during trading on Monday, reaching $21.25. 17,101 shares of the company’s stock traded hands. Novan has a 12-month low of $13.77 and a 12-month high of $23.79. The company’s market cap is $52.00 million. The company has a 50 day moving average price of $19.83 and a 200-day moving average price of $19.83.
In related news, major shareholder Life Sciences Holdings L. Malin acquired 800,000 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were purchased at an average cost of $11.00 per share, for a total transaction of $8,800,000.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Novan, Inc is a late-stage pharmaceutical company. The Company is engaged in the development and commercialization of therapies using its nitric oxide platform. The Company develops product candidates using its Nitricil technology, which enables the Company to engineer tunable new chemical entities (NCEs).
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