Zacks: Brokerages Anticipate Novan Inc (NOVN) to Announce -$0.31 EPS

Wall Street brokerages forecast that Novan Inc (NASDAQ:NOVN) will post ($0.31) earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Novan’s earnings. The lowest EPS estimate is ($0.32) and the highest is ($0.30). Novan reported earnings per share of ($0.51) in the same quarter last year, which indicates a positive year-over-year growth rate of 39.2%. The business is scheduled to announce its next quarterly earnings report on Tuesday, March 26th.

On average, analysts expect that Novan will report full year earnings of ($1.09) per share for the current year, with EPS estimates ranging from ($1.09) to ($1.08). For the next financial year, analysts anticipate that the business will post earnings of ($0.87) per share, with EPS estimates ranging from ($0.87) to ($0.86). Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that cover Novan.

Novan (NASDAQ:NOVN) last issued its quarterly earnings results on Monday, November 5th. The company reported ($0.27) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.05. The firm had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.68 million. Novan had a negative net margin of 1,087.54% and a negative return on equity of 999.64%.

A number of equities analysts have recently commented on NOVN shares. HC Wainwright set a $6.00 price target on shares of Novan and gave the stock a “buy” rating in a report on Monday, December 10th. Zacks Investment Research cut shares of Novan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Finally, ValuEngine raised shares of Novan from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $6.75.

A hedge fund recently raised its stake in Novan stock. Renaissance Technologies LLC increased its holdings in Novan Inc (NASDAQ:NOVN) by 83.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,000 shares of the company’s stock after purchasing an additional 26,800 shares during the period. Renaissance Technologies LLC owned approximately 0.23% of Novan worth $173,000 as of its most recent SEC filing. Institutional investors and hedge funds own 8.93% of the company’s stock.

Shares of NASDAQ:NOVN traded down $0.14 during trading on Tuesday, reaching $1.38. The company had a trading volume of 133,938 shares, compared to its average volume of 124,687. Novan has a 12 month low of $0.65 and a 12 month high of $3.65.

About Novan

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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