Earlier this week it was noted that shares of NovaBay Pharmaceuticals (NBY) - a potential bargain that the market may not be adequately valuing - had started to move higher following a recent trip to below the dollar mark. That move continued on Wednesday as an eight percent jump resulted in a close of just under a buck-thirty, a level not reached seen in over a month.
Encouragingly, the rebound from the ninety cent range has materialized on growing volume, with the two largest percentage moves - on 6 and 13 June - both resulting from volume that rolled in at well over double the expected norms.
The 6 June spike was accompanied by news that NovaBay had completed a successful "End of 2a meeting" for its dermatology program, which consists utilizing the NVC-422 to treat impetigo. NovaBay has already partnered with Galderma to advance its dermatology line and may be positioning its products to take well advantage of the crisis that may be growing in the medical community as a result of antibiotic resistance.
NovaBay's Aganocide compounds, which mimic a body's white blood cells and therefore do not come with the associated risks of resistance developing, could provide the solution for which the medical community has been searching.
Volume has noticeably increased since the sub-$1 drop and has especially picked up during the early-goings in June. That action could attract the attention of investors who believe that volume precedes price, but NBY could also start popping up on even more radars as the company has multiple catalysts still pending and could have three ongoing Phase IIIs as early as next year.
With the volume flowing in and another eight percent move on Wednesday, NovaBay Pharmaceuticals continues to be a hot stock to watch.
Disclosure: Long NBY.
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