Novan Stock Increases Over 10%: Why It Happened

By Amit Chowdhry ● Jul 9, 2021
  • The stock price of Novan Inc (NASDAQ: NOVN) increased by over 10% during intraday trading. This is why it happened.

The stock price of Novan Inc (NASDAQ: NOVN) increased by over 10% during intraday trading. Investors are responding positively to a bullish research report.

Cantor Fitzgerald analyst Jennifer Kim had initiated coverage of Novan with an “Overweight” rating and a $30 price target. Kim believes that the peak sales potential for the company’s lead pipeline asset SB206 is underappreciated. 

Going forward, Kim expects upwards earnings estimate revisions for the company — which will be driven by pipeline advancements. This should potentially move the stock price higher.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.