Shares of Lipella Pharmaceuticals Inc. (LIPO) rocketed 52.2% higher in very active tracing Friday, after the Pittsburgh-based biotechnology company's investigational new drug application for its oral lichen planus treatment was approved by the U.S. Food and Drug Administration. Trading volume in the stock, which was the best performer on the major U.S. exchanges, blasted higher to 30.7 million shares, compared with the full-day average of about 6,400 shares. The stock has soared 150% in the three days since it last closed below the $1 mark, and has run up 164% amid a six-day winning streak. as Lipella described, OLP is a chronic, inflammatory autoimmune oral muscosal disease. It is a "highly morbid" condition with malignant potential that affects between 1% and 4% of the world population. Lipella's stock has now gained 18.6% over the past three months, but was still 57% below its initial public offering price of $5.75; the company went public on Dec. 20.
That's it for me, folks! Went much longer than usual but I have had a terrific day-following a bad day yesterday. Hit on LIPO news today. Was positioned for the good pop. What a difference a day can make! Have to drive across the mountain, now. Go do inventory at a shop open late. Then deliver there tomorrow.
LIPO Quote AS OF 3/16/2023 3:16PM ET
$2.54 +$0.71 (+38.798%)
Volume 22,990,230 90 Day Avg. Vol. 564,085 Open $2.77 Previous Close 03/15/2023 $1.83
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Lipella Pharmaceuticals’ (NASDAQ:LIPO – Get Rating) quiet period will expire on Monday, January 30th. Lipella Pharmaceuticals had issued 1,217,391 shares in its IPO on December 20th. The total size of the offering was $6,999,998 based on an initial share price of $5.75. During Lipella Pharmaceuticals’ quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.