Shares of Avidity Biosciences Inc. soared 50% in their trading debut on the Nasdaq on Friday after pricing at the top of their initial public offering range, a sign of heightened interest from investors. Avidity, a biotech company that the specializes in treatments for muscular disorders, priced its IPO at $18 a share late Thursday. The company sold 14.4 million shares to raise $259.2 million after twice upsizing the deal; earlier plans called for selling 10 million shares and then 12 million shares. Cowen, SVB Leerink, Credit Suisse and Wells Fargo were among the underwriters. Proceeds will be used to fund development of treatments for DMD and muscle atrophy, as well as for working capital, Avidity has said. Shares of Azek Co. Inc. , another Friday trading debut, also gained significantly, recently up 21%, amid a rebound for broader equity markets.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 12, 2020 11:56 ET (15:56 GMT)
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