Guardant Health’s stock soars in public debut after IPO prices above expectations

Guardant Health’s stock soars in public debut after IPO prices above expectations

Shares of Guardant Health Inc. GH, +7.30% soared in their public debut Thursday, as they opened 46% above the initial public offering price, which was well above the expected range. The first trade for the cancer detection and treatment company’s stock was at $27.75 at 10:48 a.m. ET for 1.7 million shares. That compares with the IPO price of $19, which was above the expected range of $15 to $17. The stock has extended gains since then, to trade up 51%. The company raised $237.5 million with the IPO, which values the company at $1.6 billion. Guardant is going public at a time that the Renaissance IPO ETF IPO, +0.00% has slipped 0.9% over the past three months, while the iShares Nasdaq Biotechnology ETF IBB, -1.77% has gained 7.5% and the S&P 500 SPX, -0.59% has advanced 7.1%.

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