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Spark catches fire in first trading day
January 31, 2015 2:08 AM UTC
Gene therapy developer Spark Therapeutics Inc. (NASDAQ:ONCE) gained $27 (117%) to $50 on Friday, its first day of trading after raising $161 million in an IPO on NASDAQ through the sale of 7 million shares at $23. The IPO price valued Spark at $540.3 million; it ended the day with a market cap of $1.2 billion.
On Wednesday, Spark said it planned to sell 6.5 million shares at $19-$21. At $20, the company would have raised $130 million and been valued at $459.8 million. JPMorgan; Credit Suisse; Cowen; and Sanford C. Bernstein are underwriters. ...