Investors cheered RayBio Inc. as it debuted on Wall Street, as the California-based radiopharmaceutical company’s stock RYZB opened 38.9% above the initial public offering price. The company had raised $311 million as it sold 17.3 million shares in the IPO, up from an expected 14.4 million shares, with the IPO pricing at $18 a share, at the top of the expected range. The stock’s first trade on the Nasdaq was at $25.00 at 11:38 a.m. Eastern for 629,709 shares. At that price, the company market capitalization was $1.38 billion. RayzeBio’s upbeat debut comes a day after high-profile semiconductor-design company Arm Holdings PLC ARM was also cheered in its debut, with Arm’s stock closing Thursday 24.7% above its IPO price. RayzeBio’s stock has gained ground since it opened, as it was last up 39.6%. The back-to-back upbeat debuts comes as the Renaissance IPO ETF IPO has edged up 0.1% over the past three months while the S&P 500 SPX has gained 0.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.