Shares of Poseida Therapeutics Inc. /zigman2/quotes/205712311/composite PSTX -3.85% kicked off their public life with a gain, after the biopharmaceutical company's initial public offering priced at the top of the expected range, but those gains quickly faded. The stock's first trade was at $17, or 6.3% above the $16 IPO price, at 11:09 a.m. Eastern for 1.1 million shares. The stock first traded below its IPO price at 11:12 a.m., and fell to an intraday low of $15.20, so far, before bouncing back above its IPO price. The company raised $204.8 million in the IPO after expenses. The stock has gone public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.39% run up 62.3% over the past three months, to outperform the S&P 500's /zigman2/quotes/210599714/realtime SPX -0.48% 13.3% gain over the same period.