Shares of NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) will undergo a 1-for-5 reverse stock split before market trading begins on February 23, 2024. This change, aimed at increasing the company’s stock price, will adjust the number of shares owned by shareholders following the market close on February 22, 2024.
As of Friday, shares of NovaBay traded at $0.52, reflecting a decline of 10.5%. The company currently holds a market capitalization of $67.40 million, with a price-to-earnings ratio of -0.05 and a beta of 0.14. Over the past year, the stock has experienced a low of $0.46 and a high of $19.95. Its 50-day moving average stands at $5.17, while the 200-day average is $2.69.
Investor Activity Surrounding NovaBay
Recent trading activity reveals significant involvement from institutional investors. Charles Schwab Investment Management Inc. entered a new stake in NovaBay shares, investing approximately $526,000 in the fourth quarter. State Street Corp. notably increased its holdings by 970.5%, now owning 313,703 shares valued at $1,769,000 after acquiring an additional 284,400 shares.
Other notable movements include Jane Street Group LLC, which also acquired a new stake valued at about $395,000, and Goldman Sachs Group Inc., which invested around $588,000. Additionally, Geode Capital Management LLC significantly expanded its position by 2,331.7%, now holding 1,257,705 shares worth approximately $7,098,000. Overall, institutional investors now control 23.25% of NovaBay’s stock.
About NovaBay Pharmaceuticals
NovaBay Pharmaceuticals, Inc. is a clinical-stage biotechnology company dedicated to developing and commercializing innovative, non-antibiotic anti-infective products aimed at modulating the innate immune response. The firm leverages its proprietary Aganocide® Technology to create synthetic antimicrobial compounds that effectively target and neutralize pathogens without fostering antibiotic resistance.
The company’s research and development initiatives focus on ophthalmic, dermatological, and wound care applications, addressing critical needs in infection management and inflammation control. NovaBay’s primary commercial 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 used for both acute and chronic wound irrigation.
As NovaBay navigates this pivotal moment, analysts and investors alike will be watching closely to see how the reverse split impacts the company’s market performance and investor sentiment.
