NEW YORK (AP) — Shares of LipoScience are up on their first day of trading, but the initial public offering of the cholesterol diagnostic test maker priced well below expectations.
The Raleigh, N.C., company sold 5 million shares for $9 each. It had expected a range of $13 to $15 per share and lowered that to between $9 and $10 per share on Thursday.
The shares rose 81 cents, or 9 percent, to $9.81 in morning trading while the broader markets edged higher.
LipoScience Inc. makes a diagnostic test for LDL or "bad" cholesterol that is designed to assess cardiovascular disease risk. It expects to raise about $38.6 million and will use funds for purposes including hiring sales and marketing staff.
The stock trades under the ticker symbol "LPDX."