Cue Health Inc. /zigman2/quotes/229642598/composite HLTH -3.87% received a warm reception on Wall Street Friday, as the stock opened 4.8% above its initial public offering price, and kept rising. The California-based COVID-19 test maker's IPO priced overnight at $16 a share, in the middle of the expected range, as the company raised $200.0 million. The stock's first trade was at $16.76 at 11:37 a.m. Eastern for 1.4 million shares. The stock rallied since then, and was recently up 27.8% at $20.45 in afternoon trading, which values the company at about $2.94 billion. The stock's strong debut comes on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.22% dropped 1.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% was little changed.