Zacks Investment Research Lowers Novus Therapeutics (NVUS) to Sell

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Zacks Investment Research downgraded shares of Novus Therapeutics (NASDAQ:NVUS) from a hold rating to a sell rating in a research report released on Wednesday morning.

According to Zacks, “Novus Therapeutics, Inc. is a pharmaceutical company. It focused on the acquisition, development and commercialization of ear, nose and throat products. The company’s platform consists of OP-01 Foam Platform and OP-02 Surfactant Program. Novus Therapeutics, Inc., formerly known as Tokai Pharmaceuticals Inc., is based in Irvine, United States. “

NVUS has been the subject of a number of other research reports. ValuEngine lowered Novus Therapeutics from a buy rating to a hold rating in a research note on Friday, September 7th. LADENBURG THALM/SH SH initiated coverage on Novus Therapeutics in a research note on Tuesday, September 11th. They set a buy rating and a $12.00 price objective for the company.

NASDAQ NVUS opened at $3.00 on Wednesday. Novus Therapeutics has a fifty-two week low of $2.90 and a fifty-two week high of $8.61.

Novus Therapeutics (NASDAQ:NVUS) last released its quarterly earnings data on Tuesday, November 13th. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.38) by $0.01. As a group, sell-side analysts predict that Novus Therapeutics will post -1.45 earnings per share for the current fiscal year.

In related news, President Catherine C. Turkel acquired 33,680 shares of Novus Therapeutics stock in a transaction on Wednesday, September 12th. The stock was acquired at an average price of $4.78 per share, for a total transaction of $160,990.40. Following the purchase, the president now owns 61,567 shares of the company’s stock, valued at approximately $294,290.26. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its position in shares of Novus Therapeutics by 78.0% during the 2nd quarter. Renaissance Technologies LLC now owns 195,588 shares of the biopharmaceutical company’s stock valued at $1,369,000 after acquiring an additional 85,712 shares during the period. National Asset Management Inc. grew its position in shares of Novus Therapeutics by 345.9% during the 3rd quarter. National Asset Management Inc. now owns 45,000 shares of the biopharmaceutical company’s stock valued at $211,000 after acquiring an additional 34,908 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Novus Therapeutics by 73.5% during the 3rd quarter. Vanguard Group Inc. now owns 135,599 shares of the biopharmaceutical company’s stock valued at $633,000 after acquiring an additional 57,450 shares during the period. Institutional investors and hedge funds own 41.33% of the company’s stock.

About Novus Therapeutics

Novus Therapeutics, Inc, a pharmaceutical company, focuses on developing products for patients with disorders of ear, nose, and throat. Its lead product is (OP-02), a surfactant-based combination drug product for patients at risk for, or with, otitis media (OM) (middle ear inflammation with or without infection).

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