Shuttle Pharmaceuticals (NASDAQ:SHPH) stock shot up 18% in afternoon action Friday, continuing its post-IPO rocky ride.
Shares of the radiation therapy medication developer opened at $31, sliding to an early low of $27.05 before climbing to a high of $36.77 in mid-afternoon. The shares recently changed hands at $36.40 at around 2:30 p.m. ET.
Shuttle went public on Aug. 31, offering 1.23M shares at $8.125 per share to raise $10M. The stock rocketed to a high of $84.70 during its debut session before closing at $38.48, up 373% from its IPO price.
The stock has traded widely since, hitting an all-time high of $126.26 on Sept. 1 only to fall to an all-time low of $11.77 the next day.
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”.