NEW YORK (TheStreet) -- Aduro Biotech (ADRO) - Get Report shares doubled in value Wednesday following a successful initial public offering -- another sign investor demand for cancer immunotherapy stocks remains strong.
On Tuesday night, Aduro's IPO priced seven million shares at $17 per share, raising $119 million, excluding the underwriter's overallotment. Aduro opened for trading on Wednesday at $32 per share and is now trading at $35.26 per share, or more than double the IPO price. That gives the company a market value of more than $2 billion on its debut day.
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