Lycia Therapeutics Jumps 32% in Debut After $317.5M Upsized IPO
LYCA is trading near its 52-week low of $23.01 (2.1% above the low).
Summary
Lycia Therapeutics raised $317.5 million by selling more than 17.6 million shares at $18 each, upsizing from the 14.7 million shares at $16-$18 it had set out two days ago and pricing at the top of that range. The stock opened at $28.55 and was recently at $23.70, up 32% from the IPO price. That is a strong first-day reception for a clinical-stage biotech, and the larger raise gives the company more cash to fund its pipeline than the roughly $227.8 million net it had projected at the midpoint. The debut print is the number that matters now: it sets the reference point for the post-IPO float and for any near-term follow-on or lockup discussion.
At the time of this announcement, LYCA was trading at $23.50 on NASDAQ in the Life Sciences sector. The 52-week trading range was $23.01 to $28.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.