Zacks Investment Research Upgrades NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) to “Hold”

NovaBay Pharmaceuticals (NYSEAMERICAN:NBYGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing innovative product candidates targeting the treatment or prevention of a wide range of infections in hospital and non-hospital environments. NovaBay has discovered and is developing a class of antimicrobial compounds, which it has named Aganocide compounds, which are based upon small molecules that are generated by white blood cells that defend the body against invading pathogens. NovaBay believes that Aganocide compounds could form a platform on which to create a variety of products to address differing needs in the treatment and prevention of bacterial and viral infections, including Methicillin-Resistant Staphylococcus aureus. “

Separately, Ascendiant Capital Markets cut their price objective on NovaBay Pharmaceuticals from $4.25 to $4.00 in a report on Friday, May 20th.

NBY opened at $0.19 on Friday. The firm has a market capitalization of $10.05 million, a PE ratio of -1.12 and a beta of 3.47. NovaBay Pharmaceuticals has a 12-month low of $0.17 and a 12-month high of $0.88.

NovaBay Pharmaceuticals (NYSEAMERICAN:NBYGet Rating) last released its earnings results on Tuesday, March 29th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter. The business had revenue of $2.64 million during the quarter. NovaBay Pharmaceuticals had a negative net margin of 96.77% and a negative return on equity of 67.65%. As a group, sell-side analysts expect that NovaBay Pharmaceuticals will post -0.21 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Virtu Financial LLC raised its holdings in NovaBay Pharmaceuticals by 260.4% during the first quarter. Virtu Financial LLC now owns 163,451 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 118,099 shares in the last quarter. Millennium Management LLC bought a new position in NovaBay Pharmaceuticals during the fourth quarter valued at about $34,000. Renaissance Technologies LLC raised its holdings in NovaBay Pharmaceuticals by 57.5% during the first quarter. Renaissance Technologies LLC now owns 201,222 shares of the biopharmaceutical company’s stock valued at $60,000 after buying an additional 73,500 shares in the last quarter. Jane Street Group LLC bought a new position in NovaBay Pharmaceuticals during the third quarter valued at about $28,000. Finally, Citadel Advisors LLC raised its holdings in NovaBay Pharmaceuticals by 25.8% during the second quarter. Citadel Advisors LLC now owns 91,917 shares of the biopharmaceutical company’s stock valued at $62,000 after buying an additional 18,859 shares in the last quarter. Institutional investors and hedge funds own 2.64% of the company’s stock.

NovaBay Pharmaceuticals Company Profile (Get Rating)

NovaBay Pharmaceuticals, Inc, a pharmaceutical company, develops and sells eyecare and skincare products in the United States and internationally. It offers Avenova, a solution for removing foreign materials, including microorganisms and debris from skin around the eye, such as the eyelid; and wound care products under the NeutroPhase and PhaseOne brands.

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