Equities researchers at Ascendiant Capital Markets began coverage on shares of Novabay Pharmaceuticals (AMEX: NBY) in a report issued on Wednesday. The firm set a “strong-buy” rating and a $2.25 price target on the stock.

Novabay Pharmaceuticals traded up 5.22% on Wednesday, hitting $1.21. Novabay Pharmaceuticals has a 52-week low of $0.88 and a 52-week high of $1.76. The stock’s 50-day moving average is currently $1.22. The company’s market cap is $36.1 million.

NovaBay Pharmaceuticals, Inc. is a clinical-stage biotechnology company focused on addressing the unmet therapeutic needs of the global anti-infective market.

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