Cue Health stock opens nearly 5% above IPO price, then keeps rising

Cue Health Inc. HLTH, -6.25% received a warm reception on Wall Street Friday, as the stock opened 4.8% above its initial public offering price, and kept rising. The California-based COVID-19 test maker's IPO priced overnight at $16 a share, in the middle of the expected range, as the company raised $200.0 million. The stock's first trade was at $16.76 at 11:37 a.m. Eastern for 1.4 million shares. The stock rallied since then, and was recently up 27.8% at $20.45 in afternoon trading, which values the company at about $2.94 billion. The stock's strong debut comes on a day that the Renaissance IPO ETF IPO, -1.90% dropped 1.1% and the S&P 500 SPX, -0.13% was little changed.