Blue Water Vaccine (BWV) shares fell 11% Thursday afternoon, the day after it announced it had closed on a private placement priced at-the-market that raised $8M.

Shares of the vaccine developer opened at $5.62, hitting a high of $5.87 in mid-morning before sliding to a low of $4.76 in early afternoon. The stock recently changed hands at $5.07, down 11%, at approximately 2 p.m. ET.

On Wednesday, Blue Water announced it had closed on a previously announced private placement of 1.18M shares with options to buy up to 1.18 additional shares.

The price for one share plus one option was $6.775, with the option exercisable at $6.65 per share. The shares were priced at-the-market under Nasdaq rules.

Blue Water shares have been highly volatile since their market debut on Feb. 18, which saw its stock soar nearly 540%. The company offered 2.2M shares priced at $9 per share to raise around $20M.

The vaccine developer’s shares plunged on April 7 amid no apparent news and have been trading significantly below their IPO price since April 12. The private placement was announced on April 13.