Piper Jaffray Starts Novan (NOVN) at Overweight
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Piper Jaffray initiates coverage on Novan (NASDAQ: NOVN) with a Overweight rating and a price target of $25.00.
Analyst David Amsellem commented, "We are initiating coverage of Novan Therapeutics with an Overweight rating and $25 PT. We believe that NOVN’s Nitricil platform, which has yielded a number of novel mid-tolate-stage pipeline shots-on-goal in the medical dermatology space, has the potential to drive transformative longer-term value creation. SB204 in particular could emerge as a differentiated topical, non-antibiotic option for moderate-to-severe acne (and a durable asset at that given that it is a new chemical entity (NCE) with patents that expire as late as 2034). We believe the product is well-positioned for Phase III success (data are expected in 1Q17) and further believe that peak sales of $300M+ are realistic. Given that backdrop, along with potential contribution from mid-stage opportunities SB206 and SB208, NOVN in our view is attractively valued in the context of a market cap of around $290M."
Shares of Novan closed at $18.97 yesterday.
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