Shares of Novan (NOVN) stock went up 13%, almost going back to it’s recent high of around $1.05. The company did not release news that would bring the stock price up today. It seems investors are catching on that this is a life changing company.
The cause of NOVN stock surge
One likely cause of a run up in stock price is it’s partnership with Catalent (CTLT), Novan announced it has entered into a Master Services Agreement (MSA) with Catalent, which will include support of chemistry, manufacturing and control (CMC) activities and development of an intranasal formulation of berdazimer sodium for use in the Company’s coronavirus (COVID-19) program.
According to National Center for Biotechnology Information, the use of Nitric Oxide for a therapeutic situation is highly beneficial. The company is using it to become the first ever FDA approved company to treat Molluscum which is a viral skin infection that could be spread through skin contact, similar to Chickenpox. There are more than 200,000 cases per year in the United States related to Molluscum.
With stocks like Bionano Genomics (BNGO) and Ocugen (OCGN) skyrocketing, investors are anticipating this to be the next runner.
While the company is still in progress to obtain FDA approval for the world’s first ever Molluscum treatment, it’s recommended that you add Novan to your watchlist and see where it goes. My price target is $3. It’s definitely a long term hold.