The Sharps Technology Inc (NASDAQ: STSS) stock rallied 49.7% on the last day of the initial public offer of its shares on the Nasdaq exchange. The company’s IPO consists of issuing 3.75 million common shares priced at $4.25 each.
The company’s shares started trading on the Nasdaq Capital Markets on Thursday, April 14, 2022. The IPO was running for three days from Thursday to today, given that US markets were closed on Friday for the Easter Holidays.
Investors who bought at the IPO price are sitting on losses since STSS shares have been trading below the price since the IPO began on Thursday. The highest price seen on the daily chart below is $2.60.
Such investors hope that the medical devices company’s shares will rally higher past the IPO price of $4.25 to make a profit on their positions.
Sharps Technology is a company that specialises in smart medical devices led by its Sharps Provensa™ smart syringes that prevent needle reuse, eliminate accidental needlestick injuries, and reduce wasted medicine and vaccines.
The smart syringes also maintain the intuitive simplicity of traditional syringes, making it easy for medical professionals to adopt the smart syringes instead of the traditional manual syringes.
Investors should keep a close eye on STSS stock since it has attracted significant interest from market participants, given that over 3 million shares had changed hands at the time of writing.
*This is not investment advice. Always do your due diligence before making investment decisions.
Sharps Technology stock price.
Sharps Technology stock soared 49.71% to trade at $2.59, rising from Monday’s closing price of $1.73.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading