Monogram Orthopaedics (NASDAQ:MGRM) stock is heading higher on Friday after the company’s shares made their public debut on Thursday!
The Monogram Orthopaedics initial public offering (IPO) saw the company sell 2.4 million shares of MGRM stock at a price of $7.25 each. This saw the company raise $17.2 million from the stock offering. The IPO also came with a rally yesterday that saw shares climb as much as 91% higher.
That positive movement is continuing today as some 1.4 million shares change hands as of this writing. While there’s not a strong daily average to compare this volume to, it is worth noting that around 453,000 shares changed hands during its first day of trading yesterday.
This points to speculative traders jumping into MGRM stock following the IPO. That means investors might continue to see shares rise throughout Friday. It could also mean the stock will fall next week once those traders have finished pumping it up.
What Is Monogram Orthopaedics?
Monogram Orthopaedics is a medical technology company that develops 3D-printed implants. Its big focus is on creating knee replacements that are custom-made for each patient. It also installs these replacements with precision robots fine-tuned for the process.
MGRM stock is up 61% as of Friday morning after seeing a 65.5% rally on Thursday.
Investors looking for more of the latest stock market news will want to stick around!
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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.