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Novan Inc. (NOVN) stock plunged during pre-market. Let’s find out why?

SIG Stock

SIG Stock

Novan Inc. (NASDAQ: NOVN) stock declined by 9.36% at last close while the NOVN stock price plunged by 18.77% in the pre-market trading. Novan is a clinical-stage biotechnology company dedicated to developing macromolecular New Chemical Entities for skincare, men’s and women’s health, infectious diseases, and gastroenterology terms with substantial unmet needs using its proprietary nitric oxide-based technology platform, NITRICIL.

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Current Update

NOVN announced a plan to sell its common shares in an underwritten public offering. Novan will sell all of the shares available in the Offering. Novan also intends to provide the underwriter for the Offering a 30-day option to buy up to 15% more shares of common stock that are being offered in the public offering. The Offering is depending on market circumstances, and no guarantee can be given as to whether or when it will be completed, or as to the size or terms of the Offering.

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Cantor Fitzgerald & Co. is serving as the Offering’s only book-running manager.

Novan plans to use the net proceeds from the Offering, along with cash on hand, to finance research and development initiatives, such as:

Past Development

Novan (NOVN) received a Relative Strength Rating improvement from 72 to 96 on June 14, 2021. On good results from a phase 3 study of an antiviral gel to treat the molluscum contagiosum, a common skin illness, the biotech stock jumped over 90% in the previous two trading days.

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Last quarter, Novan’s earnings and sales grew. Novan’s earnings-per-share grew from 0% to 64%. Revenue increased from -74 percent to -32%. In the Medical-Biomed/Biotech industry category, Novan stock is ranked No. 76 among its peers.

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