Shuttle Pharmaceuticals Holdings Inc. [NASDAQ: SHPH] price surged by 32.20 percent to reach at $0.57. The company report on January 12, 2023 that Shuttle Pharmaceuticals Announces Private Placement of $4.3 Million of Senior Secured Convertible Note and Warrants.
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Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), a discovery and development stage specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT) while reducing side effects, announced the issuance of a $4.3 million senior secured convertible note and warrant to an institutional investor. Shuttle Pharmaceuticals will receive initial gross proceeds of $4.0 million. In addition, the four-year warrant to purchase up to approximately 1.018 million shares of Shuttle Pharmaceuticals’ common stock at an exercise price of $2.35 per share, upon exercise, would result in additional proceeds of approximately $2.4 million if the warrants are exercised by the investor.
The note amortizes on a monthly basis and Shuttle Pharmaceuticals can make such monthly amortization payments in cash or, subject to equity conditions, in registered common stock or a combination thereof. For equity repayment, the security is convertible into shares of Shuttle Pharmaceuticals’ common stock at the lower of (i) $2.35 (ii) 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date or (iii) 90% of the VWAP of the trading day prior to payment date. The convertible security is repayable over 26 months and bears interest at the rate of 5% per annum.
A sum of 15790211 shares traded at recent session while its average daily volume was at 1.42M shares. Shuttle Pharmaceuticals Holdings Inc. shares reached a high of $2.87 and dropped to a low of $2.08 until finishing in the latest session at $2.34.
Guru’s Opinion on Shuttle Pharmaceuticals Holdings Inc. [SHPH]:
The Average True Range (ATR) for Shuttle Pharmaceuticals Holdings Inc. is set at 0.40 The Price to Book ratio for the last quarter was 3.78.
SHPH Stock Performance Analysis:
Shuttle Pharmaceuticals Holdings Inc. [SHPH] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 33.71.
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 current RSI for SHPH stock in for the last two-week period is set at 54.28, with the RSI for the last a single of trading hit 64.08, and the three-weeks RSI is set at 45.30 for Shuttle Pharmaceuticals Holdings Inc. [SHPH]. The present Moving Average for the last 50 days of trading for this stock 2.03, while it was recorded at 1.89 for the last single week of trading.
Shuttle Pharmaceuticals Holdings Inc. [SHPH] Insider Position Details
There are presently around $1 million, or 3.69% of SHPH stock, in the hands of institutional investors. The top three institutional holders of SHPH stocks are: BLACKROCK INC. with ownership of 308,137, which is approximately New of the company’s market cap and around 61.06% of the total institutional ownership; QUBE RESEARCH & TECHNOLOGIES LTD, holding 39,100 shares of the stock with an approximate value of $91000.0 in SHPH stocks shares; and UBS GROUP AG, currently with $79000.0 in SHPH stock with ownership of nearly New of the company’s market capitalization.
10 institutional holders increased their position in Shuttle Pharmaceuticals Holdings Inc. [NASDAQ:SHPH] by around 503,902 shares. Additionally, 0 investors decreased positions by around 0 shares, while 0 investors held positions by with 0 shares. The mentioned changes placed institutional holdings at 503,902 shares, according to the latest SEC report filing. SHPH stock had 10 new institutional investments in for a total of 503,902 shares, while 0 institutional investors sold positions of 0 shares during the same period.