Novan 'highly undervalued' after 'best-case' data, says H.C. Wainwright
H.C. Wainwright analyst Oren Livnat says Novan's new new Phase 2 data "should settle some earlier pushback." The "definitively positive and statistically significant" results of the 12% once-daily dose represent a "best-case scenario," Livnat tells investors in a research note. These data bolster the analyst's confidence that SB206 is an "effective, well-tolerated molluscum treatment, and that a higher-powered Phase 3 will work." He continues to see Novan as "highly undervalued," and a "likely eventual takeout candidate if and when its pipeline comes to fruition." Livnat lowered his price target for the shares to $6 from $8 to reflect higher projected dilution than previously modeled and reiterates a Buy rating on the name.