H.C. Wainwright analyst Raghuram Selvaraju downgraded NovaBay Pharmaceuticals to Neutral from Buy and lowered his price target for the shares to $1.25 from $2.00. The company yesterday announced a strategic shift in its U.S. commercialization strategy, as well as a considerable number of management team changes, Selvaraju tells investors in a research note. The analyst now sees "substantial uncertainty" regarding Avenova's future growth potential.

NovaBay Pharmaceuticals announces that on April 18, it received a notice from the NYSE American stating that the company is below compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide pursuant to stockholders equity. The company must submit a plan by May 18 advising of actions it has taken or will take to regain compliance with the continued listing standards by October 18, 2025 in order to continue its listing on the NYSE American. The company intends to submit a plan to regain compliance to the NYSE American within the prescribed timeframe.