NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) Trading Down 14.3% – Here’s What Happened

NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY)’s stock price fell 14.3% on Wednesday . The stock traded as low as $5.53 and last traded at $5.5680. 471,801 shares were traded during trading, a decline of 80% from the average session volume of 2,334,171 shares. The stock had previously closed at $6.50.

NovaBay Pharmaceuticals Stock Performance

The firm has a fifty day moving average of $4.83 and a 200-day moving average of $2.53. The stock has a market capitalization of $731.49 million, a price-to-earnings ratio of -0.58 and a beta of 0.09.

Hedge Funds Weigh In On NovaBay Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ground Swell Capital LLC acquired a new stake in NovaBay Pharmaceuticals in the third quarter valued at approximately $25,000. Apollon Wealth Management LLC purchased a new position in shares of NovaBay Pharmaceuticals in the third quarter valued at $35,000. Finally, C2C Wealth Management LLC grew its holdings in NovaBay Pharmaceuticals by 78.2% during the 2nd quarter. C2C Wealth Management LLC now owns 98,000 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 43,000 shares in the last quarter. Hedge funds and other institutional investors own 23.25% of the company’s stock.

NovaBay Pharmaceuticals Company Profile

NovaBay Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing and commercializing novel, non-antibiotic anti-infective products designed to regulate the innate immune response. Leveraging its proprietary Aganocide® Technology, the company’s synthetic antimicrobial compounds target and neutralize pathogens without contributing to antibiotic resistance. NovaBay’s research and development efforts concentrate on ophthalmic, dermatological and wound care applications, aiming to address unmet needs in infection control and inflammation management.

The company’s primary commercial products include Avenova®, an eyelid and lash cleaning solution indicated for managing chronic blepharitis and meibomian gland dysfunction, and NeutroPhase®, a pure hypochlorous acid wound and skin cleanser used in acute and chronic wound irrigation.