NEW YORK (TheStreet) -- Aduro Biotech (ADRO) 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. 

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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