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Traders cash in on NoveBay Pharmaceuticals a day after the stock exploded tenfold

On Wednesday morning, the company announced that its dry eye treatment was available on Amazon
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Avenova Direct is currently $29.99 on Amazon for a 20ml bottle

Investors in NovaBay Pharmaceuticals Inc (NYSEAMERICAN:NBY) are enjoying a little profit taking a day the stock increased nearly tenfold.

On Wednesday morning, the Emeryville, California company announced that its dry eye treatment Anenova Direct was now available on Amazon.com Inc (NASDAQ:AMZN) without a prescription. Shares exploded 869% to $3.10 from $0.32 -- such a jolt that trading was halted for volatility 18 times, per MarketWatch.

The stock receded 19% Tuesday to $2.50 as traders cashed in some of their profits.

READ: Amazon now carrying NovaBay Pharmaceuticals’ Avenova eye-care product; shares skyrocket

“Patients throughout the U.S. can now purchase Avenova Direct without a prescription in Avenova’s original prescription formulation,” Interim CEO Justin Hall said. “I firmly believe this is the best product available for the topical treatment of these chronic ocular bacterial infections.”

Avenova Direct is currently $29.99 on Amazon for a 20ml bottle.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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