Shares of Adaptive Biotechnologies, (ADPT) - Get Report the Seattle company seeking to use the genetics of the immune system in life-sciences research and drug development, doubled on Thursday, their first day of trading.
On Wednesday Adaptive priced an IPO of 15 million shares at $20, exceeding the estimated range of $18 to $19 a share and an earlier estimate of $15 to $17.
The underwriters have a 30-day option on 2.25 million more shares at the IPO price.
Joint lead book-running managers for the transaction were Goldman Sachs, JP Morgan and Bank of America Merrill Lynch. Cowen and Guggenheim are also book-running managers while William Blair and BTIG are co-managers.
The stock traded up 101% to $40.30 on the Nasdaq.
Adaptive says its technology "reads and translates the genetic code of the adaptive immune system to develop personalized diagnostics and therapeutics" for individual patients.
It aims to diagnose, monitor and enable treatment for diseases including cancer, autoimmune conditions and infectious diseases.
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