CinCor Pharma's stock opens well above IPO price, then sells off sharply
CinCor Pharma Inc.'s stock shot out of the gate in morning trading Friday, but then pulled back sharply, to trade briefly below in negative territory. The Massachusetts-based biopharmaceutical company's stock's first trade was at $21.00 at 11:05 a.m. Eastern, or 31.3% above the $16 IPO price. The stock then rose to an intraday high of $22.67, before selling off to trade as low as $15.69, or 1.9% below its IPO price, before bouncing slightly to trade flat. At current prices, the company is valued at about $567 million. The company's debut comes on a day that the Renaissance IPO ETF dropped 1.4% while the S&P 500 lost 0.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.