Janux Therapeutics Inc. received a bullish reception on its Wall Street debut, as shares of the California-based biotechnology company developing cancer treatments opened at double the upsized initial public offering price (http://www.marketwatch.com/story/janux-therapeutics-set-to-go-public-after-upsized-ipo-prices-valuing-the-biotech-at-646-million-2021-06-11) before paring some gains. The company raised $193.8 million as it sold 11.4 million shares in the IPO, which priced at $17 a share. That compares with previous expectations for an offering of 9.5 million shares and a pricing of between $15 and $17 a share. The stock's first trade was at $34.00 at 10:55 a.m. Eastern for 64,588 shares, which valued the company at about $1.3 billion. The stock has pulled back some since then, but was still up 43.1% at $24.32 in recent trading. the stock's bullish debut comes on a day that the Renaissance IPO ETF (IPO) rose 0.8% while the S&P 500 declined 0.1%.
Any recommendation, opinion or advice regarding securities or markets contained in such material does not reflect the views of TD Ameritrade, and TD Ameritrade does not verify any information included in such material.