Shares of NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN: NBY) are set to undergo a 1-for-5 reverse stock split before trading begins on February 23, 2024. This decision was recently announced and will alter the number of shares held by shareholders following the market’s close on February 22.
On Friday, NBY stock opened at $0.52, reflecting a decline of 10.5% from previous trading sessions. The biopharmaceutical company, which specializes in developing non-antibiotic anti-infective products, currently holds a market capitalization of $67.40 million. Its price-to-earnings ratio stands at -0.05, and the stock demonstrates a beta of 0.14. Over the past year, NovaBay Pharmaceuticals has experienced a fifty-two week low of $0.46 and a high of $19.95. The company also reports a 50-day moving average price of $5.17 and a 200-day moving average price of $2.69.
Institutional Investor Activity
Recent activity from institutional investors indicates growing interest in NovaBay Pharmaceuticals. Notably, Charles Schwab Investment Management Inc. acquired approximately $526,000 worth of shares during the fourth quarter. State Street Corp significantly increased its stake by 970.5%, now owning 313,703 shares valued at $1,769,000 after acquiring an additional 284,400 shares.
Moreover, Jane Street Group LLC also entered the field with a new stake worth about $395,000, while Goldman Sachs Group Inc. invested around $588,000 in the same quarter. Geode Capital Management LLC stands out with a substantial increase, growing its position by 2,331.7% and now holding 1,257,705 shares worth $7,098,000.
As of now, approximately 23.25% of NovaBay’s stock is owned by institutional investors, highlighting a level of confidence in the company’s future.
About NovaBay Pharmaceuticals
Founded as a clinical-stage biotechnology company, NovaBay Pharmaceuticals focuses on the development and commercialization of innovative, non-antibiotic anti-infective products. Utilizing its proprietary Aganocide® Technology, the company aims to regulate the innate immune response through synthetic antimicrobial compounds that target and neutralize pathogens without contributing to antibiotic resistance.
The company’s primary products include Avenova®, an eyelid and lash cleaning solution for managing chronic blepharitis and meibomian gland dysfunction, and NeutroPhase®, a pure hypochlorous acid wound and skin cleanser designed for acute and chronic wound irrigation. NovaBay Pharmaceuticals continues to focus its research and development on addressing unmet needs in infection control and inflammation management.
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