Why NovaBay Pharmaceuticals (NBY) Stock Plummeted to a One-Year Low Today

NEW YORK (TheStreet) -- NovaBay Pharmaceuticals  (NBY) plummeted to a 52-week low of 69 cents on Wednesday after the company announced its potential adenoviral conjunctivitis treatment did not meet its primary or secondary endpoints in a Phase 2 clinical study.

The company said its NVC-422 ophthalmic formulation missed the endpoints in the study of patients with the disease. The endpoints measured "clearing of bulbar conjunctival injection (red eye), eradication of adenovirus from the tear film, spread of infection to the fellow eye, reduction in sub-epithelial infiltrates [and] clearing of blurred vision," according to the company's statement.

NovaBay did not report any significant adverse events in the study and does not plan to start any new studies of NVC-422.

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The stock was down 35.04% to 81 cents at 1:10 p.m. More than 2.6 million shares changed hands, compared to the average volume of 243,256.

NBY Chart NBY data by YCharts

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