NovaBay Pharmaceuticals Tumbles 9% in After Hours; Guess (GES) Down as Well

NovaBay Pharmaceuticals (NYSEMKT:NBY) is lower in late trading after the clinical-stage biopharmaceutical company said late Wednesday that it intends to offer shares of its common stock and warrants in an underwritten public offering.

Shares are down 8.73% at $1.15, with a 52-week range of $0.76 – $2.03.

The company intends to use the net proceeds from this offering for working capital and general corporate purposes, including research and development, clinical trials and selling, general and administrative expenses.

The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Guess? (NYSE:GES) declined in Wednesday’s after-hours trade after beating Q4 expectations but also setting its outlook mostly below Street estimates.

GES dropped through the 27.46 mark to a first-half after-hours low of 26.33. It steadied mostly between 27.25 and 26.30 deeper into the evening. A pre-market open Thursday may have potential in the 27.20 to 26.80 area. In the last six years of performance data MT Newswires has tracked on GES, the stock has added to its earnings-driven extended-hours trade in next-day regular session action in 14 of the last 24 quarters. GES has seen 11 earnings-driven after-hours declines, and it is favoring widening, adding to its negative trade seven times, or 64% of the time. With some decent historical performance on the downside, combined with a sharp slide recorded Wednesday night, we would look at a potential short play on GES early Thursday. Shorts may want to target a possible near-term ceiling forming in the 27.50 to 27 area, levels that could see downside drift back into the higher- to mid-26s.

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