NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) shares dropped 28.8% during mid-day trading on Wednesday . The stock traded as low as $0.49 and last traded at $0.52. Approximately 1,830,200 shares changed hands during trading, an increase of 609% from the average daily volume of 258,319 shares. The stock had previously closed at $0.73.

Several analysts recently weighed in on NBY shares. HC Wainwright cut shares of NovaBay Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $1.50 price objective on the stock. in a research note on Wednesday, March 13th. Laidlaw cut shares of NovaBay Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Finally, Zacks Investment Research raised shares of NovaBay Pharmaceuticals from a “sell” rating to a “hold” rating and set a $1.50 price objective on the stock in a research note on Thursday, March 14th.

NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) last issued its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.12). The company had revenue of $1.49 million for the quarter.

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About NovaBay Pharmaceuticals (NYSEAMERICAN:NBY)

NovaBay Pharmaceuticals, Inc, a biopharmaceutical company, develops, manufactures, and markets non-antibiotic and anti-infective products for the eye care market in the United States, China, and internationally. It offers Avenova, a prescription product for cleansing and removing foreign materials, including microorganisms and debris from skin around the eye; NeutroPhase for wound care market; CelleRx for the aesthetic dermatology market; Aganocide compounds patented synthetic molecules for use against bacteria, viruses, and fungi; auriclosene irrigation solution for urology; and intelli-Case, a device for soft and rigid gas permeable contact lenses.

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