Benzinga | Nov 3, 2020 04:11PM EST

Why NovaBay's Stock Is Trading Lower Today

NovaBay Pharmaceuticals (NYSE:NBY) shares are trading lower on Tuesday after the company received an FDA warning letter for misleading claims regarding Avenova in COVID-19.

NovaBay Pharmaceuticals is a biopharmaceutical company that develops, manufactures, and markets anti-infective products for a multitude of uses. It is predominantly focused on commercializing prescription Avenova for the domestic eye care market in the United States. Avenova is the only eye care product formulated with proprietary, stable and pure form of hypochlorous acid (marketed as Neutrox).

The company develops additional products containing Neutrox, including its NeutroPhase Skin and Wound Cleanser for wound care and CelleRx for the dermatology market. It has partnerships for NeutroPhase in the United States, as well as in other markets.

NovaBay Pharmaceuticals shares were trading down 14.47% at 52 cents on Tuesday. The stock has a 52-week high of $1.94 and a 52-week low of 24 cents.