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Sept. 15, 2022, 11:41 a.m. EDT

Third Harmonic Bio stock opens more than 20% above IPO price

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By Tomi Kilgore

Third Harmonic Bio Inc. /zigman2/quotes/200963366/composite THRD -0.21% received a warm Wall Street welcome Thursday, as the biotechnology company's stock opened 20.6% above the initial public offering price. The company, which specializes in allergic and inflammatory diseases, said early Thursday that its IPO priced at $17 a share, in the middle of the expected range, as the company raised $185.3 million. The stock's first trade Thursday on the Nasdaq was $20.50 at 11:37 a.m. Eastern for 359,030 shares. At that price, the biotech was valued at about $754.3 million. The stock has pared gains since it opened, and was recently trading 19.1% above the IPO price. Third Harmonic went public during a rough year for IPOs, as a volatile and uncertain market environment has suppressed investor interest in new offerings. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.69% has plunged 42.8% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.54% has lost 17.7%.

/zigman2/quotes/200963366/composite
US : U.S.: Nasdaq
$ 18.92
-0.04 -0.21%
Volume: 132,385
Nov. 28, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$768.73 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 25.96
-0.45 -1.69%
Volume: 45,460
Nov. 28, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,963.94
-62.18 -1.54%
Volume: 0.00
Nov. 28, 2022 5:22p
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