IPOS - Cyteir Therapeutics closes lower on first day of trading

Zolak/iStock via Getty Images Oncology-focused biotech firm Cyteir Therapeutics ([[CYT]]) ended lower on trading debut after rising as much as ~13.8% intraday Friday following an IPO priced at $18.00 per share. Shares opened at $16.50 at about 12:30 PM ET, down ~8.3% from the initial public offering’s price, but quickly pared losses reach $18.78 by 12.35 PM ET. The company had initially priced the offering at $16.00 – $18.00 apiece consisting of ~7.4M shares. Underwriters' over-allotment is an additional ~1.1M shares. Net proceeds estimated at $114.3M assuming an offering price of $17.00 per share are intended for operational activities including the clinical development of its lead asset CYT-0851. CYT-0851 is an inhibitor of homologous recombination ((HR)) a DNA repair pathway critical for the survival of some cancers. The oral small molecule is currently undergoing a Phase 1/2 trial as monotherapy in solid tumors and blood cancers. With net proceeds and existing liquidity, the

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Cyteir Therapeutics closes lower on first day of trading