PepGen (PEPG) stock jumped 10% in afternoon trading Friday following the biotech company’s $108M initial public offering.
Shares of PEPG opened at $15.60, hitting a high of $16.99 before slipping to a low of $11.50 mid-morning. The stock recently changed hands at $13.18, up 10%, at approximately 2:15 p.m. ET.
The company, which has been developing a treatment for Duchenne muscular dystrophy, offered 9M shares at $12 per share. Underwriters were granted a 30-day option to buy up to 1.35M shares at the IPO price.
The deal was slightly upsized from earlier in the week, when PepGen said it was expecting to offer 7.2M shares priced at $13 to $15. The transaction would have raised $101M if priced at the midpoint and up to $124M if the underwriter’s option had been exercised in full.
For a more in-depth look at PepGen, check out SA contributor Donovan Jones’s “PepGen Seeks $101M in US IPO”.