Abbreviation IPO composed of wooden letters.

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PaxMedica (NASDAQ:PXMD) stock shot up 40% on Friday after trending lower for several days following its $8M initial public offering.

Shares of PaxMedica opened at $5.78, reaching a high of $6.15 in early trading before dipping to a low of $4.51 in late morning. The stock recently changed hands at $4.90, up 40%, at approximately 11:50 a.m. ET.

The developer of neurodevelopmental therapies held an $8M IPO on Aug. 26, offering 1.54M shares at $5.25 per share. The stock finished its debut session 7% below its IPO price after hitting a high of $10.48 and had trended lower since, closing at $3.50 on Thursday.

For more on PaxMedica, check out SA contributor Donovan Jones’s “PaxMedica Refiles Terms for Smaller IPO”.

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