Armo jumps after pricing $128M IPO

Armo BioSciences Inc. (NASDAQ:ARMO) was up $12.74 (75%) to $29.74 Friday after raising $128 million late Thursday through the sale of 7.5 million shares at $17 in an upsized IPO underwritten by Jefferies, Leerink Partners, BMO Capital Markets and Baird. The IPO price valued Armo at $497.7 million.

Last week, Armo proposed to sell 6.7 million shares at $14-$16. At the $15 midpoint, a sale of that many shares would have raised $100 million and valued Armo at $426.2 million. The company initially proposed on Dec. 29 to raise up to $86.3 million...