Novan, Inc. – Nasdaq: NOVN
Shares of Novan, Inc. were halted in trading for a short time this morning as the Nasdaq allowed traders to digest news that one pf the company’s Phase 3 trials showed “discordant” results. In one trial, all three primary end-points were reached but in the other, only one was achieved. Novan, Inc. shares trade on the Nasdaq under ticker NOVN and were off over 75% at the time of this writing.
Nathan Stasko, PhD, President and CEO of Novan stated “While we are pleased with the results of the NI-AC302 trial that met the regulatory requirement for statistically significant efficacy of SB204, we are disappointed with the discordant results of NI-AC301. Our team has not yet received the full data set and we intend to provide an update on the SB204 program after our complete analysis.”
On January 17, 2017, Novan announced it has entered into an exclusive license agreement with Sato Pharmaceutical Co., Ltd., a Japanese company with a prescription pharmaceutical business specializing in dermatology. Sato will pay to Novan an initial payment of 1.25 billion JPY (approximately $11.0 million) for the exclusive rights to develop and commercialize in Japan Novan’s topical nitric oxide-releasing product candidate SB204.
Novan, Inc. is followed by two firms. Both rate NOVN as a “Strong Buy” with a price target of $34. In 2015 NOVN shareholders experienced a loss of $1.72 with no reported sales.
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|Last Price a/o 10:25 AM EST||$ 4.75|
|Market Cap||$306.31 million|
|Shares Outstanding||16.38 million|
|Share Float||11.94 million|
|Short Interest Ratio||3.42|