PaxMedica Inc. [NASDAQ: PXMD] surged by $1.16 during the normal trading session on Monday and reaching a high of $5.47 during the day while it closed the day at $4.33. The company report on August 26, 2022 that Craft Capital Management Announces Pricing of Initial Public Offering for PaxMedica, Inc.
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Shares will Trade on Nasdaq Capital Market under Ticker Symbol “PXMD”.
PaxMedica, Inc. (Nasdaq:PXMD), a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies for the treatment of disorders with intractable neurologic symptoms, today announced the pricing of its initial public offering of 1,545,454 shares of its common stock at a public price of $5.25 per share. The gross proceeds to PaxMedica from the offering, before deducting underwriting discounts, commissions and offering expenses, are expected to be approximately $8.1 million. All of the shares are being offered by PaxMedica. In addition, PaxMedica has granted the underwriters a 45-day option to purchase an additional 231,818 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.
The market cap for PXMD stock reached $43.37 million, with 10.02 million shares outstanding and 0.30 million shares in the current float. Compared to the average trading volume of 11.03M shares, PXMD reached a trading volume of 30457904 in the most recent trading day, which is why market watchdogs consider the stock to be active.
PXMD stock trade performance evaluation
PaxMedica Inc. [PXMD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.25.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The RSI for the last a single of trading hit 47.18. The present Moving Average recorded at 3.59 for the last single week of trading.