Usually, traders will see many penny stocks up 50% during a single trading session. It is even rarer to see one up 300%-400%. However, this isn’t one of those stories. On June 10th, there was a stock trading 770% higher than where it closed the previous trading session. Trading penny stocks allows traders opportunities like these to capitalize on massive gains.
Of Course, It’s A Biotech Penny Stock
NovaBay Pharmaceuticals (NBY Stock Report) is a biopharmaceutical company focused on eye care. Its main product, Avenova, removes debris on a person’s eyelids. On June 9th, NovaBay was trading at $0.318. However, in one day, the biotech penny stock reached a high of $3.02 on June 10th.
The Power of Amazon and Penny Stock News
A move like this doesn’t just happen out of the blue. NovaBay announced the official launch of its Avenova prescription on Amazon (AMZN Stock Chart). The product is being sold for $29.99 per bottle. The majority of biotech news involves clinical trials which act as a strong catalyst. However, a biotech company putting their product up for sale is a different level of penny stock news, clearly.
“For many years, the bacterial microorganisms that are the underlying cause of the vast majority of dry eye cases were almost impossible to manage. Avenova Direct effectively manages bacterial dry eye through our pure 0.1% hypochlorous acid formulation in saline, which is free from bleach, surfactants and other impurities. I firmly believe this is the best product available for the topical treatment of these chronic ocular bacterial infections.”Justin Hall, Interim President and CEO of NovaBay
As a plus, the announcement showed Novabay’s goal to make the drug both affordable and available. They are launching a new US direct-to-consumer channel. This is due to patients and physicians asking for more accessibility to the product. In addition, Justin Hall stated, “This direct channel further provides NovaBay with set pricing that is not impacted by the current health plan reimbursement environment.”