Novabay shares surge 30.39% intraday on healthcare sector rally and speculative buying frenzy.

Novabay Pharmaceuticals (NBY) surged 30.39% intraday after a wave of speculative buying and broader healthcare sector momentum fueled its rally. The stock hit an intraday high of $2.325, driven by sector-wide enthusiasm for biotech names and low-liquidity plays like Enveric Biosciences (ENVB) and HeartBeam (BEAT), which also saw sharp gains. While no direct company-specific catalysts—such as regulatory updates or partnerships—were disclosed, technical indicators showed overbought conditions (RSI at 77.94) and a bullish MACD crossover, amplifying momentum-driven speculation. Heightened turnover of 849,313 shares underscored liquidity-driven trading, with the move reflecting a short-squeeze dynamic rather than fundamental improvements. Analysts noted the rally diverged from larger healthcare stocks like Johnson & Johnson (JNJ), highlighting a shift toward high-beta, speculative bets in the sector.