Pages 24 & 25 describe the Pump-and-Dump (P&D) Lifecycle Pattern for IPOs and the common Advance Failure #IPO_AF.

$SHPH (NP) Shuttle Pharmaceuticals IPO'd ~ 1 year ago (8/31/2022), and it is currently trading at $0.66. This represents another -66% drop since my last $SHPH Price-Time-Stamped at $1.94 (Nov 14, 2022, 1:43 PM):

https://stocktwits.com/NorthWestHawk/message/496076606

The pumping and noise have subsided on the Stocktwits $SHPH board (and elsewhere). I might reconsider $SHPH in ~ 1 year. However, some IPOs that experience an #IPO_AF just continue to decline over time.

For more information about trading IPOs, you can check out this excellent book here:

https://www.amazon.com/Lifecycle-Trade-Trading-Growth-Stocks/dp/1733506608