Kinnate Biopharma stock more than doubles in trading debut

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Kinnate Biopharma shares more than doubled in their trading debut Thursday, after the company upsized its initial public offering and priced it above its proposed range. The stock, trading on Nasdaq under the ticker ‘KNTE,’ was last up $21.31 at $41.31. The IPO priced at $20 a share, above the $18 to $19 price range. The company sold 12 million shares, or more than the 11.5 million it originally planned, to raise $240 million. Goldman Sachs, SVB Leerink, Piper Sandler and Webush PacGrow are underwriting the deal. Proceeds will be used to fund clinical trials, for R&D and other general corporate purposes. “We are a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers,” the company says in its prospectus.
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