MyMD Pharmaceuticals (NASDAQ:MYMD) stock is among the biggest movers today with shares soaring just one day after the company’s initial public offering (IPO).
The positive movement comes as investors dive into the stock and start trading shares. As of this writing, some 12 million shares of the stock have changed hands. Since the company is still new, it’s still unclear what normal trading levels are for it.
Even so, there’s no denying that investors are interested in MYMD stock. Let’s take a look at what everyone needs to know about MyMD Pharmaceuticals and its IPO today.
- MyMD Pharmaceuticals is a clinical-stage pharmaceutical company focused on “developing and commercializing novel immunotherapy pipeline assets.”
- That includes its MYMD-1, which is a first-in-class drug in development to treat autoimmune and age-related diseases.
- The hope of the company is that this drug will allow for the extension of the human lifespan.
- MYMD-1’s development is moving forward with plans for a Phase II clinical trial.
- MyMD Pharmaceuticals expects to have near-term results from that study ready by the end of the year.
- It’s worth pointing out that MyMD Pharmaceuticals’ IPO wasn’t through normal means.
- Instead of going about the typical public offering method, it merged with another company to join the Nasdaq Market.
- The company it merged with was Akers Biosciences, which previously traded on the Nasdaq under the AKER stock ticker.
- With the merger of these two companies, the combined company operates under the MyMD Pharmaceuticals name.
- It also resulted in AKER stock changing over to the new MYMD stock ticker.
MYMD stock was up 16.4% as of Tuesday morning.
MyMD Pharmaceuticals isn’t the only company making headlines today.
Quite a few are on the move as trading approaches the midpoint for Tuesday. Some of those worth mentioning include Liquid Media (NASDAQ:YVR), Sundial Growers (NASDAQ:SNDL), and PayPal (NASDAQ:PYPL). You can learn more about why these stocks are catching the eyes of investors today below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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