Home Financial Markets What force Novan Inc (NOVN) stock to turnaround on Friday, April 23,...

What force Novan Inc (NOVN) stock to turnaround on Friday, April 23, 2021?

Novan Inc (NOVN) stock lost 3.68% in the normal trading session on Friday, April l23, 2021, and closed at $1.31 per share. but in the after-market session, its turnaround and gain 3.05%.

Let’s have a look at its recent news.


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Upcoming Presentation of Clinical data

On April 22, 2021, Novan, Inc announced that it is going to present the completed Phase 3 trials data of SB206 for molluscum contagiosum (B-SIMPLE1, B-SIMPLE2) at the Virtual Annual Meeting of the Society for Investigative Dermatology (SID), being held on May 3-8, 2021.

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The company will present Phase 3 trial data of SB206 gel in an e-poster on May 5, 2021, from 2:30 – 4:00 PM ET.

Share purchasing by President and CEO of Novan

On March 26, 2021, 70,000 NOVN Shares were purchased by the President and CEO of NovanPaula B Stafford at the average price of $1.43. since then NOVN stock has lost 4.2%

New Board member

On March 02, 2021, Novan announced the election of Steven D. Skolsky to its Board of Directors.

President and Chief Executive Officer of Novan Paula Brown Stafford said that Electing Steve to our board, a leader in the industry with a successful track record in commercialization, marketing strategy, and multiple successful product launches, is invaluable

Recent Financial results

On February 25, 2021, Novan Inc reported full-year 2020 financial results

2020 Financial highlights

  • Novan reported revenues of $4.9 million for 2020
  • It reported operating expenses of $31.1 million for the year 2020.
  • research and development expenses were $19.8 million and general and administrative expenses were $11.3 million for the reported year
  • 2020 net loss was $29.3million or $0.30per share which compares with the 2019 net loss of ($30.6) million and ($1.17) per share.
  • As of December 31, 2020, the cash and marketable securities balance were $35.9 million.

Successful patient enrollment in Phase 3 clinical study of SB206

On Feb. 01, 2021, Novan announced the completion of patient enrollment in the B-SIMPLE4 pivotal Phase 3 clinical study of SB206, a topical antiviral gel which is for the treatment of molluscum contagiosum

Approximately six million people in the U.S are affected by Molluscum contagiosum, a contagious skin infection caused by the molluscipoxviru.

About the company

Novan is a biotechnology company that translates the scientifically proven power of nitric oxide into innovative, first-in-class therapies. Our proprietary platform advances research and development to improve dermatological, women’s health, gastrointestinal conditions, and more.

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Conclusion

The recent announcement made by the company about presenting the clinical data at the upcoming investor conference could be the reason behind its turnaround on Friday, we can expect it to start Monday trading with positive momentum.

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