Graphite Bio Inc.
GRPH,
+20.74%
received a warm reception on Wall Street, as the California-based gene-editing biotechnology company's stock opened 30% above its initial public offering price. The IPO priced overnight at $17 a share, at the top of the expected range of between $15 and $17 a share, as the company raised $238 million. The stock's first trade was at $22.10 at 12:00 p.m. Eastern for about 619,000 shares. At that price, the company was valued at about $1.20 billion. The stock has pared some gains since the open, but was still up 23.5%. The company went public on a day that the Renaissance IPO ETF
IPO,
0.00
slipped 0.2% in midday trading while the S&P 500
SPX,
+0.32%
gained 0.3%.