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NBY Stock Shoots Higher After Walmart Product Launch

Sam Boughedda
Sam Boughedda trader
Updated 18 Aug 2020

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Shares of the biopharmaceutical company NovaBay (NBY) jumped higher after the company announced the launch of its facial sanitiser product, Avenova on Walmart.com.

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The product, which is FDA-cleared, has been used for eyelid and eyelash cleansing, but through independent lab testing, it has been confirmed to kill the COVID-19 virus.

The company’s share price surged from $0.96 per share to as high as $1.43 today, although it has fallen down to $1.10 at the time of this publication.

 

According to the company’s press release, it is “completely non-toxic and gentle enough for daily use on the sensitive skin around the eyes, nose and mouth.”

“Avenova has always demonstrated the ability to kill a wide variety of pathogens, and we now have laboratory results proving it as a COVID-killer on hard surfaces,” said Justin Hall, NovaBay’s CEO. “Yet, Avenova is safe for use on delicate facial skin around the eyes, nose and mouth.

Its launch on Walmart’s website means the product opened up to millions of potential new customers, with over 120 million people visiting Walmart’s site each month.

“The availability of Avenova through online retail giant Walmart is a major win for NovaBay and our customers,” added Mr Hall. “We continue to view online sales as the greatest growth channel for Avenova, particularly as pandemic-concerned consumers shift to buying more products online.”

Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.