UPDATE: Ascendiant Capital Markets Initiates NovaBay Pharmaceuticals at Strong Buy; Three Phase 2 Studies

Ascendiant Capital Markets initiated NovaBay Pharmaceuticals NBY with a Strong Buy rating and a $2.25 price target. Ascendiant Capital Markets commented, "NovaBay is focused on the development of its novel, proprietary and patented anti-infective Aganocide compounds. These Aganocide compounds, led by NVC-422, are synthetic molecules with a broad spectrum of activity against bacteria, viruses and fungi. … We believe that NBY is an intriguing speculative small cap investment story. With three ongoing Phase 2 clinical studies, we believe that the shares are undervalued at the current price. Our 12-month price target of $2.25 is calculated using an NPV analysis. NovaBay Pharmaceuticals closed at $1.15 on Tuesday.