The new Zura Bio goes public (NASDAQ:ZURA) saw its shares soar as much as 411% amid some trading pause on Wednesday following a lackluster Nasdaq debut on Tuesday.
Shares of Zura closed at $30, up 314%. Stocks open at $7.16, down as low as $7 before skyrocketing to a high of $37. It was paused several times during the session because of volatility.
shared by Zura end their first session on Tuesday was 11% lower at $7.24. The UK-based biotech company has merged with SPAC JATT Acquisition Corp. in Monday. According to CNBC, Zura has about 5.14 million shares outstanding.
Based in London, Zura has two drug candidates in clinical trials to treat disorders such as alopecia areata, diabetes, COPD and asthma.
Zura and JATT first announced their merger plans in June, with an agreement to estimate the value of the company’s business. combined company at $215 million.