Biotech CG Oncology Soars 96% in Debut After Expanded IPO
- Shares soar in year’s best debut for $2.2 billion valuation
- Kyverna, Metagenomi among sector firms looking for IPO window
The successful listing is set to cheer biotech IPO hopefuls looking for a market window.
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CG Oncology Inc. shares nearly doubled after the biotechnology company raised $380 million in an initial public offering, in the largest single-day increase this year for a US debut.
The Irvine, California-headquartered firm’s shares closed at $37.17 each in New York, a 96% gain from the IPO price, giving the company a market value of $2.2 billion. The stock soared as high as $40.90 per share at one point in its first trading day, versus an IPO price of $19.