PMV Pharmaceutical’s stock nearly doubles in its debut

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PMV Pharmaceuticals Inc.’s stock debuted with a bang Friday, as the the stock opened at nearly double the initial public offering price. The first trade was at $35.00 at 12:09 p.m. Eastern for 346,817 shares, or 94.4% above the IPO price of $18 a share. The New Jersey-based oncology company raised $211.8 million in the IPO, and was valued at $774 million at the IPO price. The stock has mostly held its gains since the open, to be trading 93.6% above its IPO price The company went public at a time that the Renaissance IPO ETF has rallied 23.3% over the past three months, while the S&P 500 has gained 5.8%.
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