Lost your password?
Don't have an account? Sign Up

Biotech CG Oncology Up 53% in Trading Debut

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

Tweet on Biotech IPO

Bussineswire announcement on IPO

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.


Image: Biotech