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Our latest list of new IPO* movers of the week includes companies from pharmaceuticals and molecular diagnostics, plus those producing piping products and overseeing water treatment.
UroGen Pharma Ltd. (Nasdaq: URGN) shot up 44.8% last week, closing every day higher than the last. On Tuesday, the FDA designated the company's phase 3 drug candidate MitoGel for fast-track review. MitoGel is intended to treat patients with low-grade upper urinary tract urothelial carcinoma. The Israeli company had its IPO in May at a share price of $13. The stock closed the week at $25.
Co-Diagnostics Inc. (Nasdaq: CODX) gained 25.9% for the week. Like UroGen, it also rose steadily from Monday through Friday. On Aug. 24, the Utah-based company announced it had strengthened relationships with key Caribbean basin customers, an important source of sales for its Zika virus diagnostic. Co-Diagnostics last appeared on our winners list for the week of Aug. 14-18, gaining 27.3%. Its IPO was held on July 12 at a share price of $6. The stock immediately tanked, falling as low as $3.85 in August. CODX closed last week at $5.65.
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Forterra Inc.'s (Nasdaq: FRTA) dropped 27.1% for the week. The Texas-based company led our losers list for the week of Aug. 7-11 after a dismal earnings report. Now it's the subject of a class action lawsuit over possible securities fraud related to its October IPO. Investors who acquired shares in connection with that IPO are encouraged to contact one of the law firms involved in the suit. Shares were initially priced at $18. They closed last week at $3.34.
Newater Technology Inc. (Nasdaq: NEWA) has been on the decline ever since Aug. 21, when shares were as high as $11.36. Last week NEWA dropped 10.8% to close at $8.71 on Friday. The water purification company's IPO was held on July 28 at a share price of $5. True Blue Tribune reported last week that news on Newater was trending slightly positive. So the recent drop in share price may simply be because the stock had climbed too high too fast. This is why we say it's best to steer clear from new IPOs, which can be highly volatile.
*Stocks are listed on a U.S. exchange with an initial public offering in the last year. Data and analytics provided by FactSet.
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