Turn Therapeutics Sees Wild Volatility in Nasdaq Debut
Biotech shares plunge nearly 60% in regular trading before skyrocketing over 130% in a turbulent start to public life.
Clinical-stage biotechnology firm Turn Therapeutics (TTRX) experienced an exceptionally volatile first day on the Nasdaq, with its shares collapsing in regular trading before staging a massive rally in the after-hours session.
The company, which specializes in dermatology and wound care, saw its stock close the trading day down a staggering 58.26% at $7.00 per share. However, the drama was far from over, as the stock then , highlighting significant investor uncertainty and speculative interest following its public debut.
Turn Therapeutics , a method where existing shareholders sell shares directly to the public without the company raising new capital. This approach can sometimes lead to higher volatility compared to traditional initial public offerings (IPOs), as there are no underwriters to help stabilize the initial price.
The California-based company is developing treatments for conditions like eczema and onychomycosis, built upon its . This technology is designed to improve drug performance by stably suspending water-soluble active ingredients in oil-based carriers, potentially enhancing their effect.
The extreme price swing on its first day places Turn Therapeutics firmly on investors' watchlists. The dramatic after-hours recovery suggests some traders saw the deep sell-off as a buying opportunity, though the long-term outlook will depend on the company's ability to advance its clinical programs and validate its underlying technology platform. Investors will be closely monitoring the stock's next session to see if the after-hours momentum can be sustained.