IPOS - Blue Water Vaccines stock drops 16% trading 25% below IPO price

Blue Water Vaccines (BWV) stock dropped 16% on Tuesday, with shares now trading 25% below their initial public offering price of $9 per share. Shares of the universal flu vaccine developer opened at $7.57 and hit a high of $8.23 before moving lower. The stock recently changed hands at $6.74, down 16%, at approximately 2:10. The company has a public float of around 3.4M shares, with 0.5% held by short interests, and a market capitalization of approximately $89M, according to The Wall Street Journal. The biotech company has been developing a universal flu vaccine along with a pneumococcus vaccine to prevent middle ear infections in children. It’s also working on vaccines for norovirus, rotavirus and malaria. Blue Water held an initial public offering on Feb. 18, raising around $20M. Shares of the biotech group soared 538% in their market debut, closing at $57.40 after pricing at $9 per share.

For further details see:

Blue Water Vaccines stock drops 16%, trading 25% below IPO price