Aligos Therapeutics stock rallies out of the gate, then pulls back
Shares of Aligos Therapeutics Inc. (ALGS) rallied out of the gate Friday, as they opened 16% above the initial public offering price. The stock's first trade on the Nasdaq was at $17.40 at 1:33 p.m. Eastern for 485,960 shares. The IPO was priced late Thursday at $15 a share (http://www.marketwatch.com/story/aligos-therapeutics-raises-150-million-as-ipo-prices-at-middle-of-expected-range-2020-10-16), in the middle of the expected range of between $14 and $16 a share. The California-based biopharmaceutical company focused on viral and liver disease treatments raised $150 million in the IPO, and the pricing valued that company at about $540.8 million. The stock has pulled back since the opening, as it hit an intraday low of $13.63, or 9.1% below the IPO price, before bounding to be up 0.6% in afternoon trading. The company has gone public at a time of strong investor demand for IPOs, as the
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 16, 2020 14:13 ET (18:13 GMT)
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