InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Source: ShutterstockShuttle Pharmaceuticals (NASDAQ:SHPH) stock is in the news today as its shares rocket higher following its initial public offering (IPO).
SHPH stock went public yesterday in an offering that included 1,225,888 units. These units each contained one share of the company’s common stock and a warrant to purchase an additional share. The warrants have an exercise price of one penny and are immediately exercisable.
According to Shuttle Pharmaceuticals, that IPO has it set to raise $9.96 in gross proceeds. Boustead Securities acted as the lead underwriter of the offering and Valuable Capital was the co-underwriter for it.
Anatoly Dritschilo, chairman and CEO of Shuttle Pharmaceuticals, said the following in a news release.
“With the commencement of our shares listing on Nasdaq, we are excited to advance our lead product candidate aimed at improving the outcomes of cancer treatment through radiation therapy while reducing its side effects.”
It’s worth noting that IPOs have been seeing incredible volatility lately. Several have been targeted by traders jumping on shares as soon as they go public and selling after they rise higher. This has been happening quite a bit over the last few weeks.
It appears this might be happening with SHPH stock today as some 1 million shares change hands. The company’s stock is also soaring 92.3% higher as of Thursday morning.
There’s more stock market news worth diving into below!
InvestorPlace is home to all of the hottest stock news traders need to know about for Thursday! A few examples of that include what has shares of MongoDB (NASDAQ:MDB), Disney (NYSE:DIS), and Nvidia (NASDAQ:NVDA) stock on the move today. You can get all those details from the following links!
More Thursday Stock Market News
- Why Is MongoDB (MDB) Stock Down 20% Today?
- DIS Stock Alert: What to Know as Disney Considers Membership Program
- NVDA Stock Alert: Why Is Nvidia Plunging Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
- It doesn’t matter if you have $500 or $5 million. Do this now.
The post What Is Going on With Shuttle Pharmaceuticals (SHPH) Stock Today? appeared first on InvestorPlace.