Drugmaker Endocyte Rises 29% After Initial Public Offering
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Endocyte Inc., a developer of drugs for ovarian and lung tumors, rose 29 percent in Nasdaq trading after today’s initial public offering.
The West Lafayette, Indiana-based company gained $1.73 to $7.73 at 4 p.m. New York time in its first day of trading on the Nasdaq Stock Market. Endocyte sold 12.5 million shares at $6 today after reducing the price as much as 60 percent, according to a regulatory filing and data compiled by Bloomberg.