Aligos Therapeutics stock rallies out of the gate, then pulls back

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Shares of Aligos Therapeutics Inc. rallied out of the gate Friday, as they opened 16% above the initial public offering price. The stock’s first trade on the Nasdaq was at $17.40 at 1:33 p.m. Eastern for 485,960 shares. The IPO was priced late Thursday at $15 a share, in the middle of the expected range of between $14 and $16 a share. The California-based biopharmaceutical company focused on viral and liver disease treatments raised $150 million in the IPO, and the pricing valued that company at about $540.8 million. The stock has pulled back since the opening, as it hit an intraday low of $13.63, or 9.1% below the IPO price, before bounding to be up 0.6% in afternoon trading. The company has gone public at a time of strong investor demand for IPOs, as the Renaissance IPO ETF has soared 32.6% over the past three months, while the iShares Nasdaq Biotechnology ETF has slipped 0.8% and the S&P 500 has gained 9.0%.
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