Shuttle Pharmaceuticals stock jumps 18%, continuing rocky post-IPO ride

Sep. 09, 2022 2:46 PM ETShuttle Pharmaceuticals Holdings, Inc. (SHPH)By: Val Kennedy, SA News Editor

Cancer treatment in a modern medical private clinic or hospital with a linear accelerator. Professional doctors team working while the woman is undergoing radiation therapy for cancer

Povozniuk/iStock via Getty Images

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”.

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