Janux Therapeutics Inc. received a bullish reception on its Wall Street debut, as shares of the California-based biotechnology company developing cancer treatments opened at double the upsized initial public offering price before paring some gains. The company raised $193.8 million as it sold 11.4 million shares in the IPO, which priced at $17 a share. That compares with previous expectations for an offering of 9.5 million shares and a pricing of between $15 and $17 a share. The stock’s first trade was at $34.00 at 10:55 a.m. Eastern for 64,588 shares, which valued the company at about $1.3 billion. The stock has pulled back some since then, but was still up 43.1% at $24.32 in recent trading. the stock’s bullish debut comes on a day that the Renaissance IPO ETF rose 0.8% while the S&P 500 declined 0.1%.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.
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