Vaxcyte, Inc. (NASDAQ:PCVX) shares climbed more than 63% on Friday after the company priced its IPO at $16 per share.
The San Francisco-based vaccine developer is the sixth Bay Area life sciences company to go public in a year that hasn't had a local tech offering yet. All of the offerings have done well, with their stocks rising by between 60% and 112% above their IPO prices.
Vaxcyte entered its first day of trading on NASDAQ, where it is trading with the symbol of "PCVX," with a market cap of about $750 million. That jumped to more than $1 billion, based on its sudden first day rise.
The company — whose chairman Moncef Slaoui is the chief adviser for the Trump Administration's COVID-19 vaccine team — sold 15.6 million shares for $16 each. That's up from the 14 million shares it planned to sell for between $14 and $16 a piece.
It opened trading at $20.80 a share and rose to as high as $28.59 before finishing at $26.15..
Vaxcyte is a seven-year-old spinoff of South San Francisco's Sutro Bipharma Inc. (NASDAQ: STRO) and changed its name last month from SutroVax Inc.
Vaxcyte raised more than $180 million in funding from its investors before Friday's IPO. It has accumulated a deficit of $109.3 million.
On Monday, PCVX share prices lost $1.39, or 5.3%, to $24.76.
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