Why Novan (NOVN) skyrocketed 16% today

Shares of Novan (NOVN) continues to skyrocket, today NOVN stock surged 16% since market open. Currently trading at $0.95, the stock is 35.50% and 60.10% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 30.36 million and changing -0.98% at the moment leaves the stock 75.19% off its SMA200.

NOVN registered -73% loss for a year compared to 6-month gain of 66%.

Novan Inc. (NOVN) Top Institutional Holders

29 institutions hold shares in Novan Inc. (NOVN), with 12.65M shares held by insiders accounting for 8.94% while institutional investors hold 8.82% of the company’s shares. The shares outstanding are 133.69M, and float is at 128.86M with Short Float at 4.31%. Institutions hold 8.03% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 6.38 million shares valued at $3.07 million. The investor’s holdings represent 4.51% of the NOVN Shares outstanding.

As of Sep 29, 2020, the second largest holder is Qube Research & Technologies Ltd with 0.6 million shares valued at $0.29 million to account for 0.43% of the shares outstanding. The other top investors are Bridgeway Capital Management, Inc. which holds 0.47 million shares representing 0.33% and valued at over $0.22 million, while Geode Capital Management, LLC holds 0.23% of the shares totaling 0.33 million with a market value of $0.16 million.

Should you invest in NOVN stock?

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.

Jay Lorrence
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.

Articles: 233

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