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Fly News Breaks for January 6, 2020
NOVN
Jan 6, 2020 | 06:20 EDT
Piper Sandler analyst David Amsellem downgraded Novan to Neutral from Overweight with a price target of 50c, down from $6.00. The company reported top-line data from its two Phase III studies evaluating SB206 in molluscum contagiosum, and both studies failed to meet the primary endpoint, Amsellem tells investors in a research note. The analyst says the failures certainly have heightened his doubts that the company will ever be able to commercialize a product out of its topical nitric oxide platform.
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