UNDOCUMENTED MECHANICS
Releases 16→32 missiles (level 1→20).
It stays out and keeps hitting, but the same target can only be hit again every 11 frames (about 0.4s). The listed damage is per hit; this gap sets its real rate.
On impact it spawns a second missile; that damage is not included in the figure above.
The missile is allowed to pierce, but whether it does depends on the pierce chance on your gear; with none, it stops at the first target.