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Highlights:
- The stock of Blue Water Vaccines debuted on the Nasdaq Capital Market, and BWV is its ticker symbol.
- During the trading session, the stock price declined to US$ 38 and later surged to close at US$ 57.4 per share.
- The Ohio-based Blue Water Vaccines is a biopharmaceutical company, and it is involved in making vaccines to address significant health issues.
Stocks of Blue Water Vaccines, Inc. (NASDAQ:BWV) skyrocketed on debut and surged about 538 per cent to close at US$ 57.4 per share on Friday, February 18.
Notably, the Blue Water Vaccines stock was priced at US$ 9 apiece, and it opened at US$ 50 per share. During the trading session, the stock price declined to US$ 38 and later surged to close at US$ 57.4 per share.
On February 17, Blue Water Vaccines announced the pricing of its common stock and said it would sell 2.2 million shares through the initial public offering (IPO).
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The stock of Blue Water Vaccines debuted on the Nasdaq Capital Market, and BWV is its ticker symbol.
As per the documents submitted with the Securities and Exchange Commission, Boustead Securities, LLC acted as the sole underwriter for the IPO.
All you need to know about Blue Water Vaccines
The Ohio-based Blue Water Vaccines is a biopharmaceutical company, and it is involved in making vaccines to address significant health issues.
Blue Water Vaccines is developing a universal flu vaccine and is also developing a vaccine to prevent middle ear infections in children. Blue Water Vaccines is believed to develop vaccines for malaria, rotavirus, and norovirus.
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As the healthcare sector gained momentum since the beginning of the COVID-19 pandemic, it appears that the surge in BWV stock price could be due to this reason.
The IPO market is not doing great since the beginning of this year, and a meteoric rise in the price of Blue Water Vaccines' stock could indicate that retail investors must be paying attention to the companies involved in the healthcare sector.
Bottom line
Blue Water Vaccines plans to use 60 per cent of the gross proceeds to fund research and development activities.
Meanwhile, 20 per cent of the money raised would be used for funding the Phase I clinical trials and regulatory process for vaccine candidates.
The remainder money will likely be used for general corporate purposes and working capital.
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