Ascendiant Capital Markets initiated NovaBay Pharmaceuticals NBY with a Strong Buy rating and a $2.25 price target.
Ascendiant Capital Markets commented, "NovaBay is focused on the development of its novel, proprietary and patented anti-infective Aganocide compounds. These Aganocide compounds, led by NVC-422, are synthetic molecules with a broad spectrum of activity against bacteria, viruses and fungi. … We believe that NBY is an intriguing speculative small cap investment story. With three ongoing Phase 2 clinical studies, we believe that the shares are undervalued at the current price. Our 12-month price target of $2.25 is calculated using an NPV analysis.
NovaBay Pharmaceuticals closed at $1.15 on Tuesday.
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