NovaBay Pharmaceuticals, Inc. (NBY) Stock on Rise, Here’s the Potential Cause

NovaBay Pharmaceuticals, Inc. (NBY), a medical device company, has surged 6.29% in the premarket trading session. Consequently, NBY stock is trading at $0.43 at the time of the writing. On Wednesday, NBY closed the day at $0.40 after increasing by 2.15% during the regular trading session. The market seems to be ripe with the speculations of a new product launch by NovaBay, which in turn has positively impacted the stock performance. The last news shared by the company was regarding the special meeting of the stockholders.

Special Meeting of Shareholders

On 21st December, NBY announced that the special meeting of the stockholders, which was to be held on 17th December, had been adjourned till 14th January 2022. The adjournment has come to provide the stockholders with the additional time to vote on Proposal 2. Proposal 2 is to approve an amendment to the company’s Amended and Restated Certificate of Incorporation. The certificate would affect an increase in authorized common stock from 100,000,000 shares to 150,000,000 shares.

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NBY Q3 2021 Operational Results

On 12th November, NBY released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total net sales of $1.84 million against $2.1 million for the same period of 2020. The total operating expenses bore by the company during the quarter were $3.63 million against $3.69 million for the same quarter of 2020. The net loss for the three months stood at $2.28 million (or $0.05 per basic and diluted share) against $3.22 million (or $0.08 per basic and diluted share) for the same three-month period of 2020.

Executive Commentary

Justin Hall, CEO of NBY, while commenting on the results said that the year is proving tremendous for the company. The company has cut its net loss per share in half during the period. The company is executing on its strategic initiative to expand its commercial portfolio with new and exciting science-based products. The company believes that the achievement and sustenance of profitability through double-digit revenue growth will be the ultimate driver of shareholder value.

Future Outlook for NBY

The last three months have seen NBY stock declining more than 35%. The decline has mostly been there due to the uncertainty associated with the product launch by the company, a stimulant that has gone both ways for the stock. Looking ahead, analysts suggest that the stock can attract potential investors.

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