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NovaBay Pharmaceuticals Inc (NASDAQ:NBY) shares are trading higher by 50% to $0.18 Monday, despite a lack of company-specific news for the session. The company last week announced it launched new Avenova product bundles aimed at providing tailored, cost-effective relief for dry eye symptoms.
The company says these bundles reflect the multifaceted nature of dry eye disease and align with recommendations from the 2024 Eyes on Eyecare Dry Eye Report, which highlights the importance of personalized treatment strategies beyond artificial tears.
Justin Hall, CEO of NovaBay, noted the rising prevalence of dry eye syndrome in the U.S., affecting around 16 million people, and the expected growth of the U.S. dry eye treatment market from $3.02 billion in 2023 to $4.86 billion by 2030.
By now you're likely curious about how to participate in the market for NovaBay Pharmaceuticals – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of NovaBay Pharmaceuticals, which is trading at $0.19 as of publishing time, $100 would buy you 526.32 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, NBY has a 52-week high of $1.28 and a 52-week low of $0.06.
Posted In: NBY
