NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) Shares Up 5.9% – Still a Buy?

NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY)’s stock price shot up 5.9% during trading on Wednesday . The company traded as high as $4.75 and last traded at $4.8410. 67,449 shares traded hands during trading, a decline of 97% from the average session volume of 2,098,606 shares. The stock had previously closed at $4.57.

NovaBay Pharmaceuticals Stock Up 2.3%

The company has a 50 day moving average of $1.61 and a 200-day moving average of $1.32. The stock has a market capitalization of $589.35 million, a P/E ratio of -0.46 and a beta of 0.57.

Institutional Investors Weigh In On NovaBay Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in NBY. C2C Wealth Management LLC grew its position in shares of NovaBay Pharmaceuticals by 78.2% during the second quarter. C2C Wealth Management LLC now owns 98,000 shares of the biopharmaceutical company’s stock worth $57,000 after acquiring an additional 43,000 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in NovaBay Pharmaceuticals in the 3rd quarter valued at about $35,000. Finally, Ground Swell Capital LLC acquired a new position in NovaBay Pharmaceuticals during the 3rd quarter valued at about $25,000. 23.25% of the stock is currently owned by institutional investors.

About NovaBay Pharmaceuticals

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.