NEW YORK (AP) — Shares of Blueprint Medicines rose Thursday after the biotech cancer drug developer's initial public offering raised $146.6 million, above its expectations.
The stock rose as much as 33 percent during the day but returned most of those gains as the market slumped. It closed up 87 cents, or 4.8 percent, at $18.87.
Blueprint Medicines hopes to start human testing of two drugs this year. One is intended to treat tumors of the gastrointestinal tract, among other illnesses, and the other is a potential treatment for liver cancer.
The Cambridge, Massachusetts-based company expanded its IPO to 8.1 million shares Wednesday and said the offering priced at $18 per share.
Blueprint Medicines Corp. initially filed for an IPO valued at up to $100 million. The company said earlier this month that it expected to sell 7.2 million shares for $15 to $17 each.