Roth Capital Starts Novan (NOVN) at Buy
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Roth Capital analyst Jonathan Aschoff initiates coverage on Novan (NASDAQ: NOVN) with a Buy rating and a price target of $3.00.
The analyst comments "Clinical-stage Novan is engaged in discovering, developing, and ultimately commercializing novel, proprietary formulations of drugs containing nitric oxide (NO) as their active pharmaceutical ingredient. NOVN has drug development programs in dermatology, infectious disease, companion animal health, men’s and women’s health, and gastroenterology. We believe NOVN is on track to report Phase 3 results for key drug SB206 in molluscum contagiosum (MC) in 2Q21, and although our investment thesis rests entirely on this imminent event, we believe existing data predict success."
Shares of Novan closed at $1.20 yesterday.
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