Radiation therapy drug developer Shuttle Pharmaceuticals (NASDAQ:SHPH) saw its stock soar 373% following its $10M initial public offering on Wednesday.
Shares of Shuttle opened at $24.05, dipping to a low of $13.60 mid-morning before shooting up to a high of $84.70 amid multiple trading halts for volatility. The stock closed at $38.48, up 373% from its offering price.
For its IPO, 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.
Earlier this month, Shuttle said it was looking to offer 1.25M units at an assumed price of $8 per unit.
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”.