IPOS - Gene editing company Graphite Bio surges on public debut

Andy/iStock via Getty Images Gene editing firm Graphite Bio ([[GRPH]]) Jumped above the IPO price on Friday in its first trading session following an upsized IPO priced at $17.00 per share. Shares opened at $22.01 at about 11:55 AM ET, up 30.0% from the initial public offering’s price before shedding the early gains to reach $20.05 by 12.05 PM ET still ~17.9% higher than the IPO price. The company had initially priced the offering at $15.00 – $17.00 apiece. It consisted of 12.5M shares with underwriters' over-allotment at an additional 2.1M shares. It was subsequently upsized to 14M common shares targeting $238M in gross proceeds. The clinical-stage biotech with its gene-editing approach based on CRISPR technology “has shown promising preclinical results, but the IPO is ultra-high-risk,” noted Seeking Alpha contributor Donovan Jones with a neutral rating on the stock.

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Gene editing company Graphite Bio surges on public debut