Newly public Apollomics stock plunges 33%, hits new post-SPAC low

Shares of newly public biotech Apollomics (NASDAQ:APLM) plunged 33% Monday less than two weeks after the stock's fiery debut via a SPAC merger.

Apollomics shares opened at $11.57, hitting an early high of $12.16 before dropping to a new post-merger low of $7.69 in early afternoon. The stock closed at $8.14, down 33%.

The biotech company did not appear to release any news or make any SEC filings on Monday.

Apollomics' lead drug candidate vebreltinib is in Phase 2 testing for the treatment of non-small cell lung cancer with MET genomic tumor aberrations.

Apollomics went public in on March 30 following a merger with Maxpro. The stock soared as high as 353% before sliding to close at $29.40, up 172% from its pre-merger close.