NEW YORK (AP) - Shares of MacroGenics are surging in Thursday midday trading after the biotechnology company raised $80 million in its initial public offering.
MacroGenics sold 5 million shares of stock for $16 per share. It had expected to sell 4 million shares for $14 to $16 each. The $80 million total does not include expenses or underwriting discounts.
The stock is up $8.50, or 53 percent, to $25.50, and earlier traded as high as $26.36..
Shares of MacroGenics Inc. are now trading on the Nasdaq Global Select Market under the ticker symbol "MGNX."
The Rockville, Md., company is developing monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases. It does not have any approved drugs and its most advanced experimental drug is in mid-stage clinical testing.