NovaBay Pharmaceuticals (NBY) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research lowered shares of NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) from a hold rating to a sell rating in a research note released on Friday.
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. “
Several other equities analysts have also recently weighed in on NBY. Roth Capital set a $5.00 price target on NovaBay Pharmaceuticals and gave the company a buy rating in a report on Monday, October 23rd. ValuEngine cut NovaBay Pharmaceuticals from a sell rating to a strong sell rating in a report on Friday, November 10th. HC Wainwright set a $6.00 price target on NovaBay Pharmaceuticals and gave the company a buy rating in a report on Wednesday, November 15th. cut their price target on NovaBay Pharmaceuticals from $10.00 to $8.00 and set a buy rating for the company in a report on Wednesday, November 15th. Finally, Laidlaw cut their price target on NovaBay Pharmaceuticals from $10.00 to $8.00 and set a buy rating for the company in a report on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. NovaBay Pharmaceuticals currently has an average rating of Hold and a consensus price target of $6.40.
NovaBay Pharmaceuticals (NYSEAMERICAN:NBY) last released its quarterly earnings results on Tuesday, November 14th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The firm had revenue of $4.09 million for the quarter, compared to analysts’ expectations of $4.69 million. NovaBay Pharmaceuticals had a negative net margin of 59.81% and a negative return on equity of 389.40%.
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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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