The clinical-stage developer sold 11.1 million shares at $18 apiece, exceeding its original target of 9.72 million shares. This pricing landed at the high end of the company's projected $17 to $19 range, signaling strong institutional appetite for the biotech's pipeline. After hitting the market at an opening price of $23, the stock maintained significant momentum throughout the morning session.
City Therapeutics Jumps 25% Following Upsized $200 Million IPO
Investors pushed City Therapeutics shares to $22.53 in their first hours of public trading on Friday, a 25% gain from the company's initial offering price. The surge followed a late-Thursday announcement that the Cambridge-based biotechnology firm had successfully upsized its market debut, securing roughly $200 million in fresh capital.
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