Metacrine’s stock debuts with an 11% gain above its IPO price

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Shares of Metacrine Inc. got a bullish start to their public life, as they opened 10.7% their initial public offering price. The IPO priced overnight at $13 a share, in the middle of the expected range of $12 to $14. The stock’s first trade was at $14.39 at 11:31 a.m. Eastern for 176,545 shares. It has since pared some gains to trade up 7.6%. The San Diego-based biopharmaceutical company went public during a busy week for IPOs, which includes the debut of Snowflake Inc. , the biggest-ever software IPO. Despite the growing IPO supply, there is still strong demand from investors, as the Renaissance IPO ETF has run up 25.8% over the past three months while the S&P 500 has gained 9.5%.
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