Best Penny Stocks To Buy [or avoid]: Novan Inc.
Next, amid a sea of red today, Novan Inc. (NOVN-Free Report) has surged higher. Shares of NOVN stock managed to reach new March highs of $0.53 on March 9. This comes on the heels of new coronavirus cases over the weekend. The company recently closed a $5.95 million public offering to fund more R&D at the company.
The company has been focusing on diseases that affect the immune system. While its pipeline includes treatments for things like STDs and Dermatological treatments, immune treatment-related companies have been getting a lot of attention by those looking at coronavirus stocks. In addition, it’s important to note that the company does have experience dealing with treatments for viral infections.
Last month the company updated shareholders on progress being made with the FDA in regards to its Phase 3 B-SIMPLE program for its molluscum contagiosum treatment. Will the company actually target COVID-19? That’s yet to be seen but it makes sense NOVN stock is getting attention as most companies with any treatment for viral infections is seeing speculative action this quarter.