Maxim Group Assumes NovaBay Pharmaceuticals (NBY) at Buy

Maxim Group assumes coverage on NovaBay Pharmaceuticals (NYSE: NBY) with a Buy rating and a price target of $2.00.

Analyst Jason Kolbert highlighted:

• Assuming coverage of NovaBay with a Buy rating and a $2 price target. The company has developed two proprietary, non-antibiotic, antimicrobial compounds, Neutrox and Aganocide, which have been formulated into several products for different indications. These products kill a broad spectrum of bacteria quickly and completely, and destroy the damage-causing toxins they produce. The first compound has received broad FDA 510(k) approval, and its first formulation, Avenova, has reached the market.
• Avenova targets blepharitis, meibomian gland dysfunction, and its associated dry eye condition. It is in the early stages of launch for these conditions. Chronic eyelid inflammation affects an estimated 30 million patients. Combined with a strong sales and distribution network, Avenova has a large opportunity to create a new market in the private pay eye care space.
• A Low Valuation: After a history of clinical trials and tribulations that has depressed valuation, we see an opportunity for investors to build positions before sales accelerate and valuation increases.

For an analyst ratings summary and ratings history on NovaBay Pharmaceuticals click here. For more ratings news on NovaBay Pharmaceuticals click here.

Shares of NovaBay Pharmaceuticals closed at $0.63 yesterday.

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