Monogram Orthopaedics (NASDAQ:MGRM), which went public last week, saw its shares drop 33% in late morning trading Monday following two days of strong gains.
Shares of the medical device maker opened at $11.74, quickly hitting a high of $12.03 before sliding to a low of $8.25. The stock was down 33% at $9.11 at around 11:15 a.m. ET.
The company held its initial public offering on Thursday via a Reg A+ filing. The stock gained 62% during its first session and closed 15% higher after its second, with shares leaping as high as 317% on Friday.
Monogram went public via a Regulation A+ IPO, a type of offering created under the JOBS Act to give smaller companies better access to capital. Other Reg A+ IPOs include Chicken Soup for the Soul Entertainment (CSSE) and Knightscope (KSCP).
Based in Austin, Texas, Monogram is a developer of orthopedic implants, tissue ablation tools, robotic surgical equipment and related software.
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