NovaBay Pharmaceuticals (NBY) Stock: Why Shares Just Doubled in One Day

TLDR

• NovaBay Pharmaceuticals stock jumped 103% to close at $19.16 on Friday with over 10 million shares traded.
• The company sold its Avenova trademark to PRN Physician Recommended Nutriceuticals effective January 17, 2025.
• NovaBay’s board plans to pursue dissolution and let shareholders vote on the wind-down plan.
• The stock hit a 52-week high of $11.49 earlier before Friday’s surge pushed shares near $20.50 after hours.
• Pre-funded warrants tied to an investor deal can be exercised for common shares after January 1, 2026, pending shareholder approval.

NovaBay Pharmaceuticals closed Friday with a 103% gain. The stock finished at $19.16 after starting the session at much lower levels.

NovaBay Pharmaceuticals, Inc., NBY

Over 10 million shares changed hands during regular trading. That volume pushed the stock back onto momentum screens heading into Monday’s session.

The day’s trading range stretched from $9.69 to $19.95. After-hours trading showed shares near $20.50 as the weekend approached.

NovaBay recently sold its main Avenova trademark to PRN Physician Recommended Nutriceuticals. The deal became effective on January 17, 2025, according to the company’s quarterly filing.

The company also offloaded its PhaseOne and NeutroPhase U.S. trademarks. That transaction took effect on January 8, 2025.

Company Plans Dissolution Vote

The board decided the best way to unlock remaining value is through dissolution. Shareholders will vote on that plan in the coming months.

NovaBay reported $5.3 million in cash and equivalents at the end of June 2025. The company had 5.82 million shares outstanding as of August 12, 2025.

Last August, the company announced a one-time special cash dividend of $0.80 per share. CEO David Lazar called it a reflection of the company’s commitment to returning value to stockholders.

The stock hit a 52-week high of $11.49 before Friday’s surge. That earlier milestone already represented a 2,141% gain over the prior year.

Pre-Funded Warrants in Play

An insider filing revealed pre-funded warrants tied to an investor deal. These warrants can be exercised for common shares after January 1, 2026.

Shareholder approval is required before conversion can happen. The structure lets buyers pay nearly the full price upfront and convert to shares later.

CEO David Lazar plans to resign following a stock transfer agreement. The deal involves R01 Fund LP and Framework Ventures IV L.P.

Lazar will transfer his rights in 441,325 shares of Series D Non-Voting Convertible Preferred Stock. He will also transfer rights to purchase 268,750 shares of Series E Non-Voting Convertible Preferred Stock.

The company’s market cap reached $1.38 billion despite generating only $10.3 million in revenue. Analysts do not expect profitability this year.

NovaBay’s stock has delivered a 2,104% return over six months. The past week alone saw a 61% gain before Friday’s doubling.

The stock’s RSI suggests it entered overbought territory. Thin trading in small-cap stocks can amplify both rallies and reversals.

Markets reopen Monday with traders watching for steady volume. Any fresh company disclosures could move the stock after last week’s jump.

NovaBay’s next earnings report is scheduled for March 26 after the market close.

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