{"id":83238,"date":"2023-11-10T23:16:46","date_gmt":"2023-11-11T04:16:46","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/cargo-therapeutics-rises-2-2-in-trading-debut-after-ipo-priced-at-low-end-of-range\/"},"modified":"2023-11-10T23:16:50","modified_gmt":"2023-11-11T04:16:50","slug":"cargo-therapeutics-rises-2-2-in-trading-debut-after-ipo-priced-at-low-end-of-range","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83238","title":{"rendered":"Cargo Therapeutics rises 2.2% in trading debut after IPO priced at low end of range"},"content":{"rendered":"
\n

The stock of Cargo Therapeutics
\n CRGX,
\n -3.13%<\/bg-quote>,<\/span>
\n \u00a0a clinical-stage biotech specializing in cancer treatments, rose 2.2% in its trading debut on Friday.<\/p>\n

The deal priced at $15 a share, the low end of the proposed range. The company sold 18.8 million shares to raise $282 million at a valuation of $580.5 million. <\/p>\n

\n

JPMorgan, Jefferies, TD Cowen and Truist Securities were the underwriters on the deal. They have a 30-day option to purchase up to 2.8 million additional shares.<\/p>\n

Proceeds will be used to fund clinical development and R&D and for working capital and other general corporate purposes. <\/p>\n

The company is pre-revenue and loss-making, as is often the case for biotechs with no approved drugs. <\/p>\n

The stock is trading on Nasdaq under the ticker \u201cCRGX.\u201d <\/p>\n

The positive performance comes after other recent deals have floundered from the start or performed well on day one, only to languish in the aftermarket.<\/p>\n

The most recent deal to disappoint was that of German sandal and clog maker Birkenstock Holdings Plc
\n BIRK,
\n +1.88%<\/bg-quote>,<\/span>
\n \u00a0which has not yet reached its IPO issue price of $46. That stock was last trading at $40.15.<\/p>\n

For more, read:<\/strong> Arm, Instacart and Klaviyo\u2019s earnings offer another reason for IPO buyers\u2019 remorse<\/p>\n

The Renaissance IPO exchange-traded fund
\n IPO
\n has gained 27.8% in the year to date, while the S&P 500
\n SPX
\n has gained 14.7%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The stock of Cargo Therapeutics CRGX, -3.13%, \u00a0a clinical-stage biotech specializing in cancer treatments, rose 2.2% in its trading debut on Friday. The deal priced at $15 a share, the low end of the proposed range. The company sold 18.8 million shares to raise $282 million at a valuation of $580.5 million. JPMorgan, Jefferies, TD […]<\/p>\n","protected":false},"author":1,"featured_media":83239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-83238","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCargo Therapeutics rises 2.2% in trading debut after IPO priced at low end of range | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The stock of Cargo Therapeutics CRGX, -3.13%, \u00a0a clinical-stage biotech specializing in cancer treatments, rose 2.2% in its trading debut on Friday. 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