Why NovaBay Pharmaceuticals Stock Is Blasting Higher

NovaBay Pharmaceuticals, Inc. NBY shares are trading higher Monday after the company was granted the right to commercialize Biostem Technologies' amniotic tissue allograft.

The Details:

NovaBay has received the right to commercialize the amniotic tissue allograft which is intended for use as a protective covering during the repair of ocular surfaces and functions as a protective covering during the repair of ocular surfaces.

"Avenova Allograft is a differentiated, high-quality product making it an ideal extension of our eyecare franchise," said Justin Hall, CEO of NovaBay.

"We look forward to launching Avenova Allograft in the coming weeks and making this valuable solution available for the eyecare professionals who specialize in treating dry eye."

NovaBay shares are moving higher on very heavy trading volume. According to Benzinga Pro, more than 45 million shares have already been traded in the session, compared to the stock's 100-day average of slightly more than 195 thousand shares.

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NBY Price Action: According to Benzinga Pro, Novabay Pharmaceuticals shares are up 26.5% at 78 cents at the time of publication.

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