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Cadrenal Therapeutics (CVKD) stock slid 9% following the anticoagulant drug developer’s $7M initial public offering on Friday.
Shares of Cadrenal opened at $5.71 after being priced at $5, reaching a high of $6.75 before slipping to a low of $4.20 late morning. The stock recently changed hands at $4.53 at around 12:15 p.m. ET.
Earlier Friday, Cadrenal offered 1.4M shares at $5 per share, raising $7M. Underwriters were granted a 45-day option to buy up to 210K additional shares. Boustead Securities is serving as lead bookrunner.
The deal was downsized from an earlier proposal that sought to raise $10M.
Based in Florida, Cadrenal is developing a compound called tecarfarin for the prevention of blood clots in patients with end-stage kidney disease or atrial fibrillation.
For a more in-depth look at Cardrenal, check out Donovan Jones’s “Cardrenal Proposes $10M IPO Terms.”
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Image and article originally from seekingalpha.com. Read the original article here.