Hudson Bay Capital Trims NovaBay Stake to 4.9%

TL;DR

**Hudson Bay Capital just cut its NovaBay stake to 4.9%, watch for potential stock dip.**

AI Summary

Hudson Bay Capital Management LP, a Delaware-based investment firm, filed an amended SC 13G/A on February 6, 2024, disclosing its ownership in NovaBay Pharmaceuticals, Inc. As of December 31, 2023, Hudson Bay beneficially owned 718,678 shares of NovaBay's Common Stock, representing 4.9% of the company's outstanding shares. This is a decrease from their previous holdings, indicating a reduction in their stake, which could signal a shift in their investment strategy or a less optimistic outlook on NovaBay's future performance.

Why It Matters

This filing shows a significant institutional investor has reduced its position in NovaBay, which could be interpreted negatively by the market and potentially impact the stock price.

Risk Assessment

Risk Level: medium — A major institutional investor reducing its stake can signal a lack of confidence, potentially leading to increased selling pressure on the stock.

Analyst Insight

A smart investor would monitor NovaBay's stock price for potential dips and research the reasons behind Hudson Bay's reduced stake, considering if this signals underlying issues or simply a portfolio rebalancing.

Key Numbers

• 718,678 shares — Shares Beneficially Owned (Represents Hudson Bay Capital Management LP's total beneficial ownership in NovaBay Pharmaceuticals, Inc. as of December 31, 2023.)
• 4.9% — Percentage of Class (Indicates Hudson Bay Capital Management LP's ownership percentage of NovaBay Pharmaceuticals, Inc.'s Common Stock, which is below the 5% threshold for certain reporting requirements.)
• $0.01 — Par Value per Share (The stated par value of NovaBay Pharmaceuticals, Inc.'s Common Stock.)

Key Players & Entities

• Hudson Bay Capital Management LP (company) — the reporting person who filed the SC 13G/A
• NovaBay Pharmaceuticals, Inc. (company) — the issuer of the securities
• 718,678 shares (dollar_amount) — the number of shares beneficially owned by Hudson Bay Capital Management LP
• 4.9% (dollar_amount) — the percentage of NovaBay's class of securities beneficially owned by Hudson Bay Capital Management LP
• December 31, 2023 (date) — the date of the event requiring the filing

Forward-Looking Statements

• NovaBay Pharmaceuticals' stock price may experience downward pressure in the short term. (NovaBay Pharmaceuticals, Inc.) — medium confidence, target: Q1 2024
• Other institutional investors might re-evaluate their positions in NovaBay following Hudson Bay's reduction. (Institutional Investors) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securitie

Filing Documents

• nby_13ga.htm (SC 13G/A) — 55KB
• image_002.gif (GRAPHIC) — 0KB
• 0001393825-24-000087.txt ( ) — 57KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is NovaBay Pharmaceuticals, Inc., a Delaware corporation (the " Company ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Company's principal executive offices are located at 2000 Powell Street, Suite 1150, Emeryville, CA 94608.

(a)

Item 2(a). NAME OF PERSON FILING: This statement is filed by Hudson Bay Capital Management LP (the " Investment Manager ") and Mr. Sander Gerber (" Mr. Gerber "), who are collectively referred to herein as " Reporting Persons ."

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is 28 Havemeyer Place, 2nd Floor, Greenwich, Connecticut 06830.

(c)

Item 2(c). CITIZENSHIP: The Investment Manager is a Delaware limited partnership. Mr. Gerber is a United States citizen.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, par value $0.01 per share (the " Common Stock ").

(e)

Item 2(e). CUSIP NUMBER: 66987P300 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); (b) ¨ Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) ý Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) ¨ Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) ý Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) ¨ Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) ¨ Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) ¨ Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The information required by Items 4(a) – (c) is set forth in Rows (5) – (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentages used in this Schedule 13G/A are calculated based upon 6,529,302 shares of Common Stock outstanding as of November 6, 2023, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed with the Securities and Exchange Commission on November 9, 2023. The percentage set forth on row (11) and the number of shares of Common Stock set forth on rows (6)

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATE: February 6, 2024 HUDSON BAY CAPITAL MANAGEMENT LP By: /s/ Sander Gerber Name:Sander Gerber Title:Authorized Signatory /s/ Sander Gerber SANDER GERBER

View Full Filing

View this SC 13G/A filing on SEC EDGAR