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Radiation therapy drug developer Shuttle Pharmaceuticals (NASDAQ:SHPH) saw its stock soar 100% following its $10M initial public offering on Wednesday.
Shares of Shuttle opened at $24.05, reaching a high of $25 in early trading before dipping to a low of $13.60 mid-morning. The stock recently changed hands at $16.30 at approximately 10:50 a.m. ET.
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”.
Image and article originally from seekingalpha.com. Read the original article here.