City Therapeutics Jumps 25% in Debut After $200M Upsized IPO
CTY is trading near its 52-week low of $21 (4.0% above the low).
Summary
City Therapeutics opened its first day of trading at $23 and was recently at $22.53, up 25% from the $18 IPO price. The Cambridge, Mass. clinical-stage biotech sold more than 11.1 million shares at $18 each, upsized from roughly 9.72 million at a $17-$19 range, raising about $200 million gross. The pricing was reported early Friday; today's action is the market's first read on demand, and a 25% pop on an upsized deal is a strong reception. The stock is trading near its post-IPO high of $23.88 with a 52-week low of $21, so the debut range is the level to hold. No lockup expiry or pipeline catalysts are disclosed in the source.
At the time of this announcement, CTY was trading at $21.84 on NASDAQ in the Life Sciences sector. The 52-week trading range was $21.00 to $23.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.