Avalyn Pharma's stock soared 44.44% in intraday trading on Thursday as the clinical-stage biopharmaceutical company made its trading debut on the Nasdaq Global Select Market.
The company's upsized initial public offering was priced at $18 per share, at the top end of the expected $16 to $18 range, raising $300 million. Avalyn increased the offering size from 11.8 million to 16.7 million shares, indicating strong investor demand for the IPO.
Proceeds from the offering will fund late-stage clinical studies for Avalyn's pipeline of inhaled therapeutics for rare respiratory diseases, including its lead candidates AP01 and AP02. The company's successful IPO pricing and trading debut reflect investor confidence in its clinical programs and market potential.