Third Harmonic Bio stock opens more than 20% above IPO price

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Third Harmonic Bio Inc. THRD, +20.56% received a warm Wall Street welcome Thursday, as the biotechnology company’s stock opened 20.6% above the initial public offering price. The company, which specializes in allergic and inflammatory diseases, said early Thursday that its IPO priced at $17 a share, in the middle of the expected range, as the company raised $185.3 million. The stock’s first trade Thursday on the Nasdaq was $20.50 at 11:37 a.m. Eastern for 359,030 shares. At that price, the biotech was valued at (36,793,935) about $754.3 million. The stock has pared gains since it opened, and was recently trading 19.1% above the IPO price. Third Harmonic went public during a rough year for IPOs, as a volatile and uncertain market environment has suppressed investor interest in new offerings. The Renaissance IPO ETF IPO, -0.12% has plunged 42.8% year to date, while the S&P 500 SPX, -0.92% has lost 17.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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