Biotech CG Oncology Up 53% in Trading Debut

Jan 25, 2024 thejournalbiz

CG Oncology Inc. shares jumped 53% after the biotechnology company raised $380 million in an initial public offering that was larger than originally planned.

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Biotech CG Oncology Up 53% in Trading Debut
Shares opened at $29 each, above the IPO price of $19#biotech #ipo #pharma #shares https://t.co/sghI6tGMUs

— The_Journalbiz (@the_journalbiz) January 25, 2024

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Shares opened Thursday on the Nasdaq Global Select Market at $29 each, versus an IPO price of $19. CG Oncology sold 20 million shares on Wednesday, according to a statement, increasing the number of shares and pricing them above a marketed range.

At $29 per share, CG Oncology has a market value of about $1.75 billion, according to data compiled by Bloomberg. The firm was set to offer 17 million shares at $16 to $18 each, and had increased the number from 11.8 million earlier in the week.

The successful listing is set to cheer biotech IPO hopefuls looking for a market window. First-time share sales by firms in the sector raised just $3.3 billion worldwide last year, the lowest volume in a decade, data compiled by Bloomberg show.