Blue Water Vaccines stock jumps 53%, but still down 65% from IPO price

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Vaccine developer Blue Water Vaccines (NASDAQ:BWV) stock shot up 53% on Wednesday after trending lower since the beginning of June.

Shares of Blue Water opened at $3.50, then drifted lower to finish the session at $3.14, up 53% from Tuesday’s close.

The stock has been highly volatile since the biotech company held its initial public offering on Feb. 18. The company offered 2.2M shares at $9 per share, raising around $20M.

Despite the Wednesday’s gains, shares closed 65% below their IPO price. The stock hit a 52-week high of $90.90 on Feb. 22 and a 52-week low of $1.80 on July 15.

Blue Water has been developing a universal flu vaccine and a pneumococcus vaccine to prevent middle-ear infections in children. The biotech group is also working on vaccines to combat norovirus, rotavirus and malaria.

Last week, the company announced an agreement with Cincinnati Children’s Hospital to explore development of vaccines for illnesses such as influenza and Alzheimer’s disease.