NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) Trading Up 13.2% – Still a Buy?

Shares of NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) traded up 13.2% on Friday . The stock traded as high as $13.70 and last traded at $14.36. 375,761 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,190,110 shares. The stock had previously closed at $12.69.

NovaBay Pharmaceuticals Price Performance

The business has a 50 day moving average of $4.18 and a 200 day moving average of $2.27. The company has a market cap of $1.95 billion, a PE ratio of -1.56 and a beta of 0.09.

Hedge Funds Weigh In On NovaBay Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. C2C Wealth Management LLC lifted its holdings in NovaBay Pharmaceuticals by 78.2% in the 2nd quarter. C2C Wealth Management LLC now owns 98,000 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 43,000 shares in the last quarter. Apollon Wealth Management LLC purchased a new position in shares of NovaBay Pharmaceuticals in the third quarter worth $35,000. Finally, Ground Swell Capital LLC purchased a new position in shares of NovaBay Pharmaceuticals in the third quarter worth $25,000. 23.25% of the stock is currently owned by hedge funds and other 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.