Roth assigns new buy rating to NovaBay
Roth Capital Partners has re-established its estimates and assigned a Buy rating and $3.50 price target for NovaBay Pharmaceuticals (AMEX: NBY).
“We view NBY shares as undervalued based on our sum-of-the-parts DCF analysis,” writes analyst Yale Jen, Ph.D. “We believe potential rapid maturation of the product pipeline in multiple Phase III studies represents upside potential for shares.”
In the BioTuesdays.com April 3 Feature, NovaBay CEO Dr. Ron Najafi said, “We’re heading toward several value inflection points with NeutroPhase and our Aganocide pipeline, which has the potential to become a logical and much needed alternative to traditional topical antibiotics that currently address large global markets.”
The Roth analyst expects FDA- approved NeutroPhase will commence revenue generation in late 2012.