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Stock impact report

Septerna Shares Jump 19% After IPO Shows Biotech Still Hot [Yahoo! Finance Canada]

Upstream Bio, Inc. (UPB) 
Most Read from Bloomberg The South San Francisco-based firm's shares closed at $21.40 each on Friday, above the IPO price of $18 apiece. The company had increased the size of the stock sale twice and sold 16 million shares on Thursday at a price above an initially marketed range. The trading gives Septerna a market value of roughly $900 million, based on the outstanding shares listed in its filings. The company is focused on developing oral small molecule drugs with an initial focus on endocrinology, immunology and inflammation, and metabolic diseases, according to its website. The strong pricing and trading follows a spate of IPOs and follow-on offerings over the past two months from companies including device maker CeriBell Inc., drug developer Upstream Bio Inc., and MBX Biosciences Inc. Drug developers have raised $3.9 billion in IPOs on US exchanges this year, easily surpassing total proceeds in 2023 of $2.9 billion, data compiled by Bloomberg show. However, trading has b Show less Read more
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