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Biomea Fusion stock opens 18% above IPO price

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Biomea Fusion Inc.
BMEA,
-1.41%

rallied out of the gate Friday, as shares of the California-based biopharmaceutical company focused on treatment of genetically defined cancers opened 17.6% above the initial public offering price. The company said late Thursday its IPO, which was upsized to 9.0 million shares from 7.5 million shares, priced at $17 a share, at the top of the expected range, as it raised $153 million and was valued at $463.6 million. The stock’s first trade was at $20.00 at 11:51 a.m. Eastern for 341,119 shares. The stock has pared some gains since then to trade up 16.2% at $19.75. The company went public on a day that the Renaissance IPO ETF
IPO,
-1.73%

fell 1.4% while the S&P 500
SPX,
+0.21%

gained 0.2%.

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