ARTICLE | Finance

HGSI makes a big splash

December 6, 1993 8:00 AM UTC

The hottest IPO of the year, Human Genome Sciences Inc., closed on Friday at $23.25, almost double its $12 IPO price, after trading as high as $27.75 in its second day of trading.

The deal was sold almost exclusively to institutional investors, and the stock's continued rise was apparently due to heavy demand, as none of the investors got large positions in the offering...