Shares of Novan (NOVN) is currently trading at a discount and is valued at $4 per share, at these prices it’s a steal. Investors are turning bullish once again.
Novan (NOVN) trading volume surges
A week ago Novan received the green light to transfer from the Nasdaq Global Market to the Nasdaq Capital Market. The approval was, in part, based upon the Company meeting the applicable market value of publicly held shares requirement for continued listing and all other applicable requirements for initial listing on the Nasdaq Capital Market (except for the minimum bid price requirement), the Company’s written notice of its intention to cure the minimum bid price deficiency by effecting a reverse stock split, if necessary, its agreement to the conditions outlined in the Nasdaq Listing Agreement, and additional supporting information provided in the Company’s application.
After the transfer the stock has been turning bullish as investors open positions in NOVN stock.
Novan (NOVN) to reach $4
According to a recent report by Zacks Small-Cap Research, the price target has increased from $3 to $4.50.
Novan has expanded its efforts into early stage work for the use of berdazimer sodium against COVID-19 and in companion animal health. Efforts against the coronavirus targeted the reduction of viral burden in human bronchial epithelial cells in a 3-D tissue model. This work conducted at the Institute of Antiviral Research at Utah State University.
Although there are few details, Novan is also working on a new chemical entity designated NVN4100 as a potential product candidate for antimicrobial indications in companion animal health. Product feasibility and market potential are being reviewed with animal health experts.
Is Novan (NOVN) a good investment?
Yes, Novan is a good long term investment. The company is also working on other programs which include using their inhalant technology to fight COVID-19.