Mangoceuticals shares have dropped nearly 10% Thursday, the second straight day of big losses for the men’s wellness company after it went public on Tuesday.
Shares of the Dallas-based company debuted at $4.20 Tuesday morning but had dropped to $3.05 by Wednesday’s closing bell.
By Thursday afternoon, shares were down another 9.2% to $2.77.
Mangoceuticals caught investors' attention for developing a quick-dissolving tablet for erectile dysfunction that contains the same active ingredient found in the drug Cialis.
A selling point was Mangoceuticals’ plan to market the product directly to consumers using a telehealth platform on its website.
The company underwent a $5 million IPO, pricing 1.25 million shares at $4 per share.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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