NovaBay Pharmaceuticals Inc. (NYSE: NBY) shares absolutely exploded on Monday after the company announced that its eye care treatment would be readily available on Amazon.
Specifically, its Avenova Direct is available at affordable pricing and without a prescription on Amazon through its new direct-to-consumer online channel.
Some quick background: Avenova, the leading lid and lash spray, is designed for the removal of bacteria and debris on and around the eyelid margin that contribute to bacterial eye infections, which represent roughly 85% of the dry eye market.
The launch of NovaBay’s direct-to-consumer channel is supported by Avenova’s existing brand awareness campaign. Additionally, NovaBay is conducting a comprehensive online promotional strategy that includes search engine optimization, Google Ads and Amazon promotions using searchable keywords, Facebook lead ads and social media marketing targeting influencers, and email campaigns focused on ophthalmologists, optometrists and current and former Avenova patients.
Justin Hall, interim president and chief executive of NovaBay, commented:
Patients throughout the U.S. can now purchase Avenova Direct without a prescription in Avenova’s original prescription formulation. 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.
Shares of NovaBay traded up about 600% at $2.23, in a 52-week range of $0.23 to $3.75. The consensus price target is $1.25.