Spruce Biosciences stock opens more than 20% above its IPO price, then pulls back

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Shares of Spruce Biosciences Inc. rallied in their public debut, as they opened 21% above the initial public offering price. The stock’s first trade was at $18.14 at 11:37 a.m. Eastern for 411,595 shares. The IPO was priced at $15 a share, in the middle of the expected range of $14 to $16 a share. The California-based biopharmaceutical company developing treatments for endocrine disorders raised $90.0 million in the IPO, and the pricing valued the company at about $319 million. The stock has pared gains since its open, to be 7.7% above its IPO price in midday trading. Meanwhile, the Renaissance IPO ETF was up 1.9% and the S&P 500 was rising 0.9%.
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