Sign up
Pharma Capital

Traders cash in on NoveBay Pharmaceuticals a day after the stock exploded tenfold

On Wednesday morning, the company announced that its dry eye treatment was available on Amazon
Growth graphic
Avenova Direct is currently $29.99 on Amazon for a 20ml bottle

Investors in NovaBay Pharmaceuticals Inc (NYSEAMERICAN:NBY) are enjoying a little profit taking a day the stock increased nearly tenfold.

On Wednesday morning, the Emeryville, California company announced that its dry eye treatment Anenova Direct was now available on Amazon.com Inc (NASDAQ:AMZN) without a prescription. Shares exploded 869% to $3.10 from $0.32 -- such a jolt that trading was halted for volatility 18 times, per MarketWatch.

The stock receded 19% Tuesday to $2.50 as traders cashed in some of their profits.

READ: Amazon now carrying NovaBay Pharmaceuticals’ Avenova eye-care product; shares skyrocket

“Patients throughout the U.S. can now purchase Avenova Direct without a prescription in Avenova’s original prescription formulation,” Interim CEO Justin Hall said. “I firmly believe this is the best product available for the topical treatment of these chronic ocular bacterial infections.”

Avenova Direct is currently $29.99 on Amazon for a 20ml bottle.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

1551807154_andrew.jpg


Register here to be notified of future NBY Company articles
View full NBY profile View Profile
View All

Related Articles

1550850611_CancerHeadline.jpg
Broker Hybridan reckons Sareum is “arguably a bargain target for the relatively large group of biotech and pharma companies interested in TYK2 and the wider JAK inhibitor space”

© biotech Capital 2019

Biotech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed biotech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Biotech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Biotechnology market.