Cyteir Therapeutics, an early-stage oncology startup, raised $133 million on its first day of trading on Friday. The company’s share prices have fallen after an initial rise.The biotech company is trading on the Nasdaq under the symbol CYT.
Cyteir Therapeutics shares were trading at around $17 as of 2 p.m. on Monday, about a 5% decrease from the initial $18 offering. The company priced its shares at the high end of its range, which it had set at $16 to $18.The company sold 7.4 million shares in Friday’s offering, with J.P. Morgan, Morgan Stanley, and BofA Securities backing the listing.
Cyteir is the eighth Massachusetts-based biotech to hit public markets this year. Its IPO came exactly one day after Verve Therapeutics’ public debut; that company is now trading at nearly $37 per share, nearly twice the amount it had priced its offering. Prior to that, Werewolf Therapeutics and Akoya Bioscences made their IPOs in April.Several other local biotechs are slated for IPOs this year, including Monte Rosa Therapeutics, which is expected to hit public markets this week, and TScan Therapeutics, which recently filed for a $100 million IPO but has yet to schedule a date.
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