Telos’ stock soars out of the gate, then pulls back

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Shares of Telos Corp. soared out of the gate Thursday, as the security software company’s stock traded as much as 30.6% above where its initial public offering priced, before paring gains in midday trading. The stock’s first trade at $21.90 at 11:14 a.m. for 1.0 million share, which was 28.8% above the $17 IPO price. The stock then rose to an intraday high of $22.20, before pulling back to be up 16.9% in recent trading. The intraday low was $19.50. The stock’s first-day rally comes as the Renaissance IPO ETF climbed 2.0% and the S&P 500 slipped 0.1%.
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