UPDATE: Wedbush Starts Novan (NOVN) at Outperform
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(Updated - October 17, 2016 7:43 AM EDT)
(update reflects correct firm name)
Wedbush initiates coverage on Novan (NASDAQ: NOVN) with a Outperform rating and a price target of $27.00.
Analyst David Nierengarten commented, "NOVN shares are expected to experience major near-term catalysts, including Ph 3 readout of SB204 in acne in 1Q17 and Ph 2 SB206 data in genital warts by YE16. We expect positive Ph 3 data that highlights SB204’s differentiated clinical profile, leading to first pass approval in late 2018 and launch soon after in the ~$5B domestic prescription acne market. Successful readout should also trigger partnership interest, although we view NOVN as capable of building the commercial infrastructure to launch the product on its own."
Shares of Novan closed at $18.97 yesterday.
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