As market’s upbeat April draws to close, Lyra becomes latest biotech IPO to surge

Lyra became the latest biotech to gain value after pricing its IPO at the top of its range, signaling continued strength among the sector’s new listings in a season of volatility. The ear, nose and throat diseases company priced late Thursday in the final hours of a month in which biotech indexes climbed by double digits.

Lyra Therapeutics Inc. (NASDAQ:LYRA) added $2.56 (16%) to $18.56 Friday after raising $56 million through the sale of 3.5 million shares at $16. The pricing valued Lyra at $198 million. It had proposed Monday to sell the same number of shares at $14-$16...