Why Novan (NOVN) is up, looking good for investors

Shares of Novan (NOVN) is in an upsurge as Zacks Investment Research expects a -$0.06 EPS for the next earnings quarter.

Two analysts have issued estimates for Novan’s earnings. Novan reported earnings of $0.11 per share in the same quarter last year, which would indicate a negative year over year growth rate of 154.5%. The firm is expected to issue its next earnings results on Monday, February 22nd.

According to Zacks, analysts expect that Novan will report full year earnings of ($0.32) per share for the current fiscal year. For the next fiscal year, analysts anticipate that the company will report earnings of ($0.16) per share, with EPS estimates ranging from ($0.17) to ($0.14). Zacks’ EPS averages are an average based on a survey of analysts that follow Novan.

Novan last announced its quarterly earnings results on Friday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $1.32 million during the quarter, compared to analyst estimates of $1.24 million.

Separately, ValuEngine raised shares of Novan from a “hold” rating to a “buy” rating in a research note on Tuesday.

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. bought a new stake in Novan during the 3rd quarter valued at $26,000. UBS Group AG grew its position in Novan by 284.1% during the second quarter. UBS Group AG now owns 199,667 shares of the company’s stock valued at $96,000 after acquiring an additional 147,678 shares during the last quarter. Morgan Stanley bought a new position in shares of Novan in the third quarter worth approximately $106,000. Finally, Bridgeway Capital Management Inc. purchased a new stake in Novan in the second quarter worth $225,000. Hedge funds and other institutional investors own 2.18% of the company’s stock.

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Jay Lorrence
Investor of 12 years and Managing Editor of Money Midnight, a news outlet focused on highly profitable investment ideas and bold underground research.
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