Zura Bio went public on Tuesday after completing its special purpose acquisition company (SPAC) merger with JATT Acquisition. Afterward, the company’s shares saw a massive spike in price during trading on Wednesday.
That rally caused shares of ZURA stock to climb from $7.16 when markets opened to $30 when markets closed on Wednesday. That represents a massive 318% increase during normal trading hours.
However, it looks like that rally is finally coming to a close on Thursday. The company isn’t seeing as much trading activity today with some 231,000 shares on the move. For comparison, its daily average trading volume is about 2.1 million shares. That helps explain why shares of ZURA stock are down 27% as of Thursday morning.
What Is Zura Bio?
Zura Bio is a clinical-stage biotechnology company with multiple assets in development. The company’s focus is on novel medicines for immune and inflammatory disorders. It’s currently moving into Phase 2 clinical trials for ZB-168 and torudokimab.
ZB-168 is the company’s α inhibitor candidate with the “potential to impact diseases driven by IL7 and TSLP biological pathways.” Meanwhile, torudokimab is a “high affinity monoclonal antibody that neutralizes IL33.”
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.