Shuttle Pharmaceuticals stock plunges 75% after rallying 545% since $10M IPO

Sep. 02, 2022 11:29 AM ETShuttle Pharmaceuticals Holdings, Inc. (SHPH)By: Val Kennedy, SA News Editor2 Comments

Doctor team

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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”.

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