NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) Shares Down 6.8% – Should You Sell?

Shares of NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) fell 6.8% on Monday . The company traded as low as $4.48 and last traded at $4.52. 81,391 shares were traded during trading, a decline of 96% from the average session volume of 2,084,421 shares. The stock had previously closed at $4.85.

NovaBay Pharmaceuticals Price Performance

The firm has a 50-day simple moving average of $1.83 and a 200 day simple moving average of $1.41. The stock has a market capitalization of $612.03 million, a P/E ratio of -0.49 and a beta of 0.57.

Hedge Funds Weigh In On NovaBay Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. C2C Wealth Management LLC increased its stake 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. Apollon Wealth Management LLC bought a new position in shares of NovaBay Pharmaceuticals in the third quarter valued at $35,000. Finally, Ground Swell Capital LLC acquired a new position in shares of NovaBay Pharmaceuticals during the third quarter valued at about $25,000. Institutional investors and hedge funds 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.