NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) Sees Significant Drop in Short Interest

NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN:NBY) was the recipient of a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 674,400 shares, a decrease of 55.5% from the May 30th total of 1,514,000 shares. Based on an average daily trading volume, of 2,550,000 shares, the days-to-cover ratio is presently 0.3 days. Approximately 13.1% of the company’s stock are sold short.

Shares of NBY traded down $0.11 during mid-day trading on Thursday, hitting $1.45. 585,000 shares of the company’s stock were exchanged, compared to its average volume of 1,273,679. NovaBay Pharmaceuticals has a twelve month low of $0.23 and a twelve month high of $4.04.

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

In other NovaBay Pharmaceuticals news, major shareholder Pharma (Hong Kong) Co Pioneer sold 24,326 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $4.04, for a total value of $98,277.04. Following the transaction, the insider now owns 5,188,421 shares in the company, valued at approximately $20,961,220.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mijia Wu sold 63,492 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $2.53, for a total transaction of $160,634.76. The disclosure for this sale can be found here.

NBY has been the topic of several analyst reports. Laidlaw lowered shares of NovaBay Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. HC Wainwright restated a “buy” rating on shares of InspireMD in a research note on Wednesday, March 13th. Finally, Zacks Investment Research lowered shares of HyreCar from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th.

About NovaBay Pharmaceuticals

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.

Further Reading: Are sell-side analysts objective?

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