H.C. Wainwright analyst Oren Livnat reiterated a Buy rating on Novan (NOVN) today and set a price target of $20.00. The company’s shares closed last Thursday at $9.04.
According to TipRanks.com, Livnat is a 4-star analyst with an average return of 7.7% and a 48.7% success rate. Livnat covers the Healthcare sector, focusing on stocks such as Collegium Pharmaceutical, Satsuma Pharmaceuticals, and Zynerba Pharmaceuticals.
Currently, the analyst consensus on Novan is a Moderate Buy with an average price target of $25.00.
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Based on Novan’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $819K and GAAP net loss of $8.95 million. In comparison, last year the company earned revenue of $1.21 million and had a GAAP net loss of $6.17 million.
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Novan, Inc. is a biotechnology company, which engages in leveraging nitric oxide’s natural antiviral and immunomodulatory mechanisms of action to treat dermatological and oncovirus-mediated diseases. Its products pipeline include SB204, SB206, SB208, and SB414. The company was founded by Mark Schoenfisch and Nathan Stasko in 2006 and is headquartered in Morrisville, NC.