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Highlights:
- Shuttle Pharmaceuticals started trading on Nasdaq on August 31.
- The SHPH price soared nearly 176 per cent on Thursday morning.
- The stock also witnessed notable growth on its first day of trading.
The stock of Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) gained traction at the market open on Thursday, September 1, as reflected by a significant rise in its price.
The SHPH stock soared more than 175 per cent in the morning trading at the time of writing. The investors seem to be focusing on the newly debuted pharmaceutical firm, pushing its price higher.
Let's discuss the company and its recent developments with Kalkine Media®.
Details about Shuttle Pharmaceuticals (NASDAQ:SHPH)
The pharmaceutical firm was founded by Georgetown University Medical Center's faculty members in 2012. It is a clinical-stage pharmaceutical firm leverages its proprietary technology to develop novel therapeutics to treat and cure cancer.
Shuttle Pharmaceuticals started trading on the Nasdaq Capital Market on August 31 under the ticker symbol "SHPH". Following its debut as a publicly traded firm, its price rose surprisingly to more than 350 per cent on the first day of trading.
The company had offered 1,225,888 units of common stock and warrants in its initial public offering. It set its IPO price at US$ 8.125 per unit, at which the gross proceeds were expected to be about US$ 9.96 million.
The offering is anticipated to be concluded by September 2, depending on the customary closing conditions. The lead underwriter of the IPO was Boustead Securities, LLC, and Valuable Capital Ltd was the co-underwriter.
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Bottom line
The Nasdaq-listed SHPH stock soared 175.99 per cent to US$ 106.20 at 9:46 am ET on September 1. At the time of writing, its volume was about 566,380, and its market cap stood at US$ 511.12 million.
However, despite the gains, some analysts have suggested that the surge could be due to post-IPO volatility. Additionally, the investors should focus on the risks related to the equity market and the highly volatile condition of the market in recent days.
The year 2021 witnessed a flurry of IPOs, reflecting the companies' strong confidence in the market. However, the pace had decreased in the ongoing year, with many companies cancelling or postponing their IPOs.
