Shares of NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) experienced a notable increase of 5.9% during trading on Wednesday. The stock reached a peak price of $4.75 before closing at $4.84. In total, 67,449 shares changed hands, representing a significant decline of 97% from the average trading volume of 2,098,606 shares. The previous closing price for NovaBay was $4.57.
Market performance indicators show that the company’s stock has a 50-day moving average of $1.61 and a 200-day moving average of $1.32. With a market capitalization of $589.35 million, NovaBay’s price-to-earnings (P/E) ratio stands at -0.46, and its beta is 0.57, suggesting lower volatility compared to the broader market.
Institutional Investors Take Note
Recent activity from institutional investors indicates increased interest in NovaBay Pharmaceuticals. C2C Wealth Management LLC increased its stake in the company by 78.2% during the second quarter, now holding 98,000 shares valued at approximately $57,000. This acquisition included an additional 43,000 shares acquired in the last quarter.
Furthermore, Apollon Wealth Management LLC made a new investment in NovaBay during the third quarter, valued at around $35,000. Similarly, Ground Swell Capital LLC also entered the market with a new position valued at about $25,000. Currently, institutional investors own 23.25% of the company’s stock.
About NovaBay Pharmaceuticals
NovaBay Pharmaceuticals, Inc. is a clinical-stage biotechnology company that focuses on the development and commercialization of innovative, non-antibiotic anti-infective products. The company aims to regulate the innate immune response using its proprietary Aganocide® Technology. This technology allows NovaBay’s synthetic antimicrobial compounds to target and neutralize pathogens while avoiding the issue of antibiotic resistance.
The company’s research and development efforts are concentrated on ophthalmic, dermatological, and wound care applications, specifically addressing unmet needs in infection control and inflammation management. Key products include Avenova®, an eyelid and lash cleaning solution for chronic blepharitis and meibomian gland dysfunction, and NeutroPhase®, a pure hypochlorous acid wound and skin cleanser designed for acute and chronic wound irrigation.
As NovaBay Pharmaceuticals continues to develop its product lineup and attract institutional interest, investors will likely keep a close watch on its market performance and overall business strategy moving forward.
