CinCor Pharma's stock opens well above IPO price, then sells off sharply

cincor-pharma's-stock-opens-well-above-ipo-price,-then-sells-off-sharply

CinCor Pharma Inc.’s stock CINC, -4.06% 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 IPO, -0.31% dropped 1.4% while the S&P 500 SPX, -0.19% lost 0.7%.

Source: Marketwatch

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