Novan, Inc. (NASDAQ:NOVN) to Post Q3 2023 Earnings of ($0.24) Per Share, Brookline Capital Management Forecasts

Posted by on Jun 5th, 2023

Novan, Inc. (NASDAQ:NOVN – Get Rating) – Investment analysts at Brookline Capital Management boosted their Q3 2023 EPS estimates for Novan in a report issued on Wednesday, May 31st. Brookline Capital Management analyst K. Dolliver now anticipates that the company will earn ($0.24) per share for the quarter, up from their previous estimate of ($0.26). The consensus estimate for Novan’s current full-year earnings is ($0.90) per share. Brookline Capital Management also issued estimates for Novan’s Q4 2023 earnings at ($0.24) EPS and FY2023 earnings at ($1.18) EPS.

Novan (NASDAQ:NOVN – Get Rating) last released its quarterly earnings data on Thursday, March 30th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.22. Novan had a negative net margin of 128.61% and a negative return on equity of 700.28%. The firm had revenue of $10.48 million for the quarter, compared to analysts’ expectations of $6.07 million.

NOVN has been the subject of several other research reports. StockNews.com lowered shares of Novan from a “hold” rating to a “sell” rating in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price target on shares of Novan in a research report on Friday, March 31st. Finally, Oppenheimer lowered Novan from an “outperform” rating to a “market perform” rating in a research report on Thursday.

Novan Stock Up 0.9 %

Shares of NASDAQ NOVN opened at $1.13 on Monday. The firm has a market cap of $31.65 million, a P/E ratio of -0.86 and a beta of 0.16. The company has a 50 day moving average of $1.23 and a 200 day moving average of $1.29. Novan has a twelve month low of $0.79 and a twelve month high of $3.33.

Hedge Funds Weigh In On Novan

Several hedge funds and other institutional investors have recently bought and sold shares of NOVN. Citadel Advisors LLC acquired a new stake in Novan in the 3rd quarter worth about $33,000. Goldman Sachs Group Inc. acquired a new stake in Novan in the 1st quarter valued at approximately $113,000. Two Sigma Securities LLC acquired a new position in shares of Novan during the 1st quarter valued at $50,000. State Street Corp lifted its position in shares of Novan by 9.2% during the 1st quarter. State Street Corp now owns 54,668 shares of the company’s stock valued at $215,000 after acquiring an additional 4,592 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Novan in the 3rd quarter valued at approximately $165,000. 20.68% of the stock is owned by institutional investors and hedge funds.

Novan Company Profile

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Novan, Inc is a medical dermatology company, which engages in the development and commercialization of therapeutic products for skin diseases. It operates through the Commercial Operations and Research and Development segments. The Commercial Operations segment involves the promotion of treatments for medical dermatology conditions products.

Further Reading

Earnings History and Estimates for Novan (NASDAQ:NOVN)

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