Shares of Mangoceuticals Inc. MGRX, +10.81% fell 6.7% in premarket trading, to extend their sharp pullback from the previous session’s intraday high. The stock had rocketed as much as 60.8% to an intraday high of $2.38 soon after Thursday’s open, but closed up just 10.8%, after the erectile dysfunction (ED) drug maker announced a sponsorship deal with Barstool Sports. Trading volume had spiked to 44.9 million shares on Thursday, compared with the full-day average before the rally of about 376,500 shares. The stock, which has had volume of 93,200 shares before Friday’s open, was on track to open about 36% below Thursday’s intraday high. The percent of the stock’s public float, or number of shares available for trading, that have been shorted (bearish bets) is 2.6%. The stock went public on March 21.
This article was originally published by Marketwatch.com. Read the original article here.
