Shares of Sionna Therapeutics (SION) surged 38.89% in its trading debut on Friday, buoyed by investor enthusiasm for the clinical-stage biopharmaceutical company's successful initial public offering (IPO).
Sionna, which is developing drugs to treat cystic fibrosis, sold 10.6 million shares at $18 per share in its upsized IPO, raising $191 million. The IPO was priced at the top end of its expected range, reflecting strong investor demand for the company's shares.
Based in Waltham, Massachusetts, Sionna is vying for a share of the lucrative cystic fibrosis market, currently dominated by Vertex Pharmaceuticals. The company aims to leverage its expertise in cystic fibrosis therapeutics to develop innovative treatments for the disease.
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