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NOVN

Novan

$2.64

0.08 (3.13%)

16:18
08/13/19
08/13
16:18
08/13/19
16:18

Novan takes steps to reduce real estate footprint

Novan announced that the company has executed a non-binding letter of intent, or LOI, with a third party on its facility at 4105 Hopson Road in Morrisville, NC. The primary goal of the LOI is to negotiate an agreement that obtains the release of Novan from its current multi-year obligation. This agreement has a 60-day period of exclusivity for negotiations. The company's objective is to reach a binding agreement no later than the end of Q3. Embedded within the agreement is an allowance for the company to simultaneously sublease a portion of the Hopson Road facility and remain there for the foreseeable future, which is intended to minimize business disruptions. An executed agreement is targeted to reduce Novan's real estate presence by approximately 70%.

NOVN Novan
$2.64

0.08 (3.13%)

10/26/18
HCWC
10/26/18
INITIATION
Target $8
HCWC
Buy
Novan initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Oren Livnat started Novan with a Buy rating and $8 price target. The company is built around a proprietary platform technology that allows stable, solid chemical storage and controlled delivery of therapeutic quantities of nitric oxide, Livnat tells investors in a research note. He believes Novan is the only company to "reliably harness meaningful NO concentrations to formulate topical NO therapies."
10/26/18
10/26/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. L Brands (LB) initiated with a Buy at Goldman Sachs while Gap (GPS) was initiated with a Neutral. 2. Iridex (IRIX) initiated with a Buy at Stifel. 3. Xilinx (XLNX) assumed with a Market Perform at William Blair. 4. Novan (NOVN) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/10/18
HCWC
12/10/18
NO CHANGE
Target $6
HCWC
Buy
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.
03/29/19
JMPS
03/29/19
DOWNGRADE
JMPS
Market Perform
Novan downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Donald Ellis downgraded Novan to Market Perform from Outperform.

TODAY'S FREE FLY STORIES

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XLRN

Acceleron

$44.67

0.75 (1.71%)

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PNRL

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-0.06 (-2.56%)

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RBNC

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$53.12

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  • 24

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ORCL

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ACRS

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GLW

Corning

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XLRN

Acceleron

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0.75 (1.71%)

SHOP

Shopify

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KHC

Kraft Heinz

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PSTV

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KHC

Kraft Heinz

$29.62

0.37 (1.27%)

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KHC

Kraft Heinz

$29.62

0.37 (1.27%)

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HMSY

HMS Holdings

$37.14

0.24 (0.65%)

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ICAD

iCAD

$6.89

-0.01 (-0.14%)

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GLW

Corning

$30.04

-0.12 (-0.40%)

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WE

We Company

$0.00

(0.00%)

18:17
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Periodicals
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GLW

Corning

$30.04

-0.12 (-0.40%)

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WE

We Company

$0.00

(0.00%)

18:05
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