CoLucid Pharma Shares Tumble In Nasdaq Debut

(RTTNews) - Shares of CoLucid Pharmaceuticals, Inc. (CLCD) tumbled in their trading debut on the Nasdaq Global Market on Wednesday following the company's initital public offering.

CoLucid Pharmaceuticals priced its IPO of 5.5 million shares at a public offering price of $10.00 per share, in line with its recently revised estimation. The company had initially planned to offer 5.36 million shares in the IPO at an estimated price range of $13.00 to $15.00 per share.

CoLucid has also granted the underwriters a 30-day option to purchase up to an additional 825,000 shares at the public offering price to cover over-allotments, if any.

The offering is expected to close on May 11.

Burlington, Massachusetts-based CoLucid Pharmaceuticals develops small molecule for the acute treatment of migraine headaches. Its lead product candidate is Lasmiditan, an oral tablet that is in a Phase III clinical program for the acute treatment of migraine headaches in adults. The company also develops IV lasmiditan, which is Phase II clinical trial for the acute treatment of unspecified headache pain in adults in emergency room and other urgent care settings.

CoLucid shares are currently trading at $8.57 after trading as low as $7.56 and as high as 8.58 earlier in the session.