Latigo Biotherapeutics (LTGO) surged 16.67% in intraday trading on Friday, marking a strong debut on the Nasdaq. The clinical-stage biopharmaceutical company's stock opened well above its initial public offering price, reflecting robust investor demand for its non-opioid pain management pipeline.

The rally was driven by the company's upsized IPO, which priced 19.2 million shares at $18 per share, raising gross proceeds of approximately $345.6 million. The offering was increased from the originally planned 16 million shares, with the price at the top end of the marketed range of $16 to $18. The stock was indicated to open at $20 per share, immediately exceeding the offer price.

Latigo Biotherapeutics focuses on developing non-opioid pain medicines designed to stop pain transmission without the risk of addiction. The company intends to use the proceeds to advance its clinical pipeline, including its lead product candidate, LTG-001, which is being developed to provide fast-acting, opioid-sparing relief for acute pain. The strong debut underscores market confidence in the company's therapeutic approach amid a broader push for alternatives to opioid-based treatments.