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April 16, 2021, 12:04 p.m. EDT

Biomea Fusion stock opens 18% above IPO price

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By Tomi Kilgore

Biomea Fusion Inc. /zigman2/quotes/226063889/composite BMEA -0.25% rallied out of the gate Friday, as shares of the California-based biopharmaceutical company focused on treatment of genetically defined cancers opened 17.6% above the initial public offering price. The company said late Thursday its IPO, which was upsized to 9.0 million shares from 7.5 million shares, priced at $17 a share, at the top of the expected range, as it raised $153 million and was valued at $463.6 million. The stock's first trade was at $20.00 at 11:51 a.m. Eastern for 341,119 shares. The stock has pared some gains since then to trade up 16.2% at $19.75. The company went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +4.48% fell 1.4% while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% gained 0.2%.

/zigman2/quotes/226063889/composite
US : U.S.: Nasdaq
$ 15.87
-0.04 -0.25%
Volume: 188,996
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$456.55 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 56.45
+2.42 +4.48%
Volume: 151,964
May 14, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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