Newly public Shuttle Pharmaceuticals ( NASDAQ: SHPH ) stock dropped 75% in late morning trading Friday after soaring 545% over the past two sessions following its $10M initial public offering on Wednesday.
Shuttle shares opened at $34.35, falling to a low of $12.63 late morning. The stock recently changed hands at $13.11, down 75% from Thursday’s close, at approximately 11:25 a.m. ET.
On Wednesday, Shuttle offered 1.23M units at $8.125 per unit . Each unit consisted of one share plus one warrant to buy one share for $0.01 per share. The stock rocketed 373% during its market debut to close at $38.48 and then another 36% on Thursday to close at $52.40.
Based in Maryland, Shuttle has been working on treatments to help boost the effectiveness of radiation therapies for cancer.
For a more in-depth look at Shuttle, check out SA contributor Donovan Jones’s “Shuttle Pharmaceuticals Targets $14 Million IPO for Radiation Therapy Enhancement”.
For further details see:
Shuttle Pharmaceuticals stock plunges 75% after rallying 545% since $10M IPO