There have been plenty of intriguing initial public offerings (IPOs) for investors to follow this year. However, among the most bizarre IPOs of late has been that of Shuttle Pharmaceuticals (NASDAQ:SHPH). After going public at a price of $8.125 per share last week, shares of SHPH stock soared to more than $126 per share before falling back to earth. Today, despite a 70% surge at the time of writing, Shuttle Pharmaceuticals still trades around the $25 level.
This incredibly volatile debut isn’t out of the ordinary. We’ve seen some rather incredible price action among other low-float offerings in recent weeks. However, it’s clear that traders and speculators are keenly watching new offerings as closely as meme stocks, for volatility-based momentum trades right now.
Let’s dive more into what investors may want to make of this price action right now.
This post originally appeared at InvestorPlace.