NovaBay Pharmaceuticals, Inc. (NBY) Rating Increased to Buy at Zacks Investment Research
NovaBay Pharmaceuticals, Inc. (NYSE:NBY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $5.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 8.70% from the company’s current price.
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. “
Other analysts also recently issued research reports about the stock. HC Wainwright set a $6.00 price target on shares of NovaBay Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 11th. Roth Capital set a $6.00 price target on shares of NovaBay Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, June 20th. Finally, Maxim Group reaffirmed a “hold” rating on shares of NovaBay Pharmaceuticals in a report on Friday, August 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. NovaBay Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $6.60.
NovaBay Pharmaceuticals (NBY) traded up 2.22% on Thursday, reaching $4.60. 6,740 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $4.46 and its 200 day moving average price is $3.72. NovaBay Pharmaceuticals has a 52-week low of $2.25 and a 52-week high of $5.09. The company’s market cap is $70.42 million.
NovaBay Pharmaceuticals (NYSE:NBY) last announced its quarterly earnings results on Thursday, August 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. The firm had revenue of $4.12 million for the quarter, compared to the consensus estimate of $4.57 million. NovaBay Pharmaceuticals had a negative net margin of 42.16% and a negative return on equity of 184.30%. On average, analysts expect that NovaBay Pharmaceuticals will post ($0.47) earnings per share for the current year.
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About NovaBay Pharmaceuticals
NovaBay Pharmaceuticals, Inc, formerly NovaCal Pharmaceuticals, Inc, is a biopharmaceutical company, which develops products for the eye care market. The Company focuses on commercializing prescription Avenova for managing hygiene of the eyelids and lashes in the United States. Avenova is an eye care product formulated with a form of hypochlorous acid called Neutrox.
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