Novabay Pharmaceuticals Inc (AMEX: NBY): Blank Check For Growth?

Novabay Pharmaceuticals Inc (AMEX:NBY) shares, rose in value, with the stock price up by 0.10% to the previous day’s close as strong demand from buyers drove the stock to $0.10.

Actively observing the price movement in the last trading, the stock closed the session at $0.10. Referring to stock’s 52-week performance, its high was $1.95, and the low was $0.10. On the whole, NBY has fluctuated by -30.51% over the past month.

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As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.2, which is expected to increase to -$0.2 for fiscal year -$0.73 and then to about $0 by fiscal year 2025.

Analysts have estimated the company’s revenue for the quarter at $4 million, with a low estimate of $4 million and a high estimate of $4 million. According to the average forecast, sales growth in current quarter could jump up 25.00%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $16 million, representing an increase of 8.70% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NBY’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NBY currently trading nearly -21.41% and -28.14% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 29.74, while the 7-day volatility ratio is showing 10.19% which for the 30-day chart, stands at 8.24%. Furthermore, Novabay Pharmaceuticals Inc (NBY)’s beta value is 2.00, and its average true range (ATR) is 0.01.

A comparison of Novabay Pharmaceuticals Inc (NBY) with its peers suggests the former has fared considerably weaker in the market. NBY showed an intraday change of 0.10% in last session, and over the past year, it shrunk by -93.86%%.

Data on historical trading for Novabay Pharmaceuticals Inc (AMEX:NBY) indicates that the trading volumes over the past 10 days have averaged 3.05 million and over the past 3 months, they’ve averaged 3.62 million. According to company’s latest data on outstanding shares, there are 30.10 million shares outstanding.

Nearly 2.44% of Novabay Pharmaceuticals Inc’s shares belong to company insiders and institutional investors own 3.95% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 0.12 million shares as on Mar 15, 2024, resulting in a short ratio of 0.06. According to the data, the short interest in Novabay Pharmaceuticals Inc (NBY) stood at 0.39% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 0.3 million. The stock has fallen by -48.87% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NBY stock heading into the next quarter.