UPDATE: H.C. Wainwright Downgrades NovaBay Pharmaceuticals (NBY) to Neutral

(Updated - March 13, 2019 7:43 AM EDT)

(updated to add analyst comment)

H.C. Wainwright analyst Raghuram Selvaraju downgraded NovaBay Pharmaceuticals (NYSE: NBY) from Buy to Neutral with a price target of $1.25.

The analyst comments "Interim President and Chief Executive Officer, Chief Financial Officer and Treasurer Jack McGovern has resigned from the company. Senior Vice President and General Counsel Justin Hall has assumed the positions of Interim President and Chief Executive Officer. Corporate Controller Jason Raleigh has assumed the positions of Interim Chief Financial Officer and Treasurer. Lead independent Director Paul E. Freiman has been named Chairman, and former Chairman Mark M. Sieczkarek continues to serve as a Director of the company. The company has reduced its commercial sales force from 45 to 15 field sales representatives, and plans to focus on territories it has identified as having significant prescription volume potential along with favorable health plan coverage to support Avenova per-unit revenue. Given these changes and what we now view as substantial uncertainty regarding Avenova’s future growth potential, we have lowered our future revenue projections."

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 $1.50 yesterday.

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