NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN: NBY) is having an incredibly strong day in the market today, which is leading to investors scratching their heads. With no recent news, there’s no clear catalyst for the run. Nonetheless, something big might be coming soon, and even if nothing comes soon, there’s more room ahead. Today, we’ll talka bout:
- What’s going on with NBY stock;
- what we’re seeing in the market; and
- what we’ll be watching for ahead.
NBY Gains In Multiples
As mentioned above, NovaBay Pharmaceuticals is having an incredibly strong day in the market today. However, there hasn’t been any news released either via press release or SEC filing.
While there’s no clear catalyst out there, I have seen one thing quite a bit on message boards.
News Must Have Leaked
No matter if you’re looking at StockTwits, Twitter, or countless others, you’re likely to find a few messages with the statement above relating to NBY. What that news might be or whether or not anything did leak, well that’s up in the air.
Nonetheless, based on technical data, the stock does have some room to run. So, even if nothing comes down the line, technical traders can see a big profit here. At the moment, the 200 Simple Moving Average (SMA) sits at around $1.41 with the 50 day SMA sitting around $1.12. If we look at these as potential points of resistance, there is plenty of room to run. Moreover, a crossover of either one of these could lead to a breakout, sending the stock on yet another run for the top.
What We’re Seeing From The Stock
While the news tends to lead to moves in the market, it’s not uncommon to see technical runs or other runs with no news out. That’s exactly what’s happening with NovaBay Pharmaceuticals today.
Nonetheless, while the stock is speculative, something may be released soon that may have leaked. Moreover, if this run is purely technical, there’s still plenty of room for potential gains.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (10:11), NBY is trading at $0.72 per share fater a gain of $0.43 per share or 148.28% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NBY. In particular, we’re interested in following the story surrounding the current run and watching for any news that may be around the corner. Nonetheless, we’ll follow the story closely and bring the news to you as it breaks!
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