Third Harmonic Bio Inc. /zigman2/quotes/200963366/composite THRD +4.55% 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 -0.56% has plunged 42.8% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.38% has lost 17.7%.