Alzamend Neuro ALZN, a developer of treatments for neurodegenerative diseases and psychiatric disorders, soared in its first trading day after its IPO but has pulled back from its opening.
Shares of the five-year-old Tampa, Fla., company, which has a treatment for Alzheimer’s disease, on Tuesday opened at $29 and peaked at $33.55.
Its initial public offering price was $5 a share. The stock recently traded at $14.81.
Alzamend has begun preparing an investigational-new-drug application for AL001, which treats Alzheimer’s, other neurodegenerative diseases and psychiatric disorders, Bloomberg reports.
The company plans to file the application with the Food and Drug Administration this month.
Alzamend hasn’t earned any revenue. Its loss widened to $3.8 million for the nine months ended Jan. 31 from $3.2 million a year earlier.
https://www.thestreet.com/investing/alzamend-neuro-soars-in-first-trading-day-ipo
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