The company sold approximately 9.4 million shares to reach that $15 floor, failing to gain momentum after an opening trade of $14.70. This lackluster performance underscores the current volatility facing clinical-stage biotechnology firms as they attempt to navigate public markets. The decline reflects a cautious reception for the developer, which had aimed for a higher valuation during its initial offering process.
In section Market Quotes
Aspen Neuroscience Shares Drop on Market Debut
San Diego biotech firm Aspen Neuroscience saw its stock retreat during Friday’s initial trading session, slipping 16% to $12.66 by midday. The slide follows an IPO that priced shares at $15, landing at the bottom of the company’s projected $15 to $17 range as investor enthusiasm cooled immediately upon opening.
Comments (0)
No comments yet. Be the first!