Mangoceutical stock jumps on heavy volume after Barstool Sports sponsorship deal
Shares of Mangoceuticals Inc. (MGRX) skyrocketed as much as 60.8% intraday, before paring gains to be up 15.2% in very active afternoon trading, after the erectile dysfunction (ED) drug maker announced a sponsorship deal with Barstool Sports. Trading volume ballooned to 43.4 million shares, compred with the full-day average over the past 30 days of about 376,500 shares. The company said its "Mango" ED drug is now a new sponsor for Barstools' "Only Stans" podcast. "This is a wildly popular podcast with a massive audience that resonates especially well with our target market," said Mangoceuticals Chief Executive Officer Jacob Cohen. The company, which develops and sells men's health and wellness products by way of its telemedicine platform, went public on March 21. The company raised $5 million in the initial public offering, as it sold 1.25 million shares at an IPO price of $4.00 a share. The stock closed at $4.00 that day, and hasn't closed that high since.
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June 08, 2023 14:15 ET (18:15 GMT)
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