Graphite Bio shares surge more than 30% above IPO price in Nasdaq debut

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Graphite Bio Inc. GRPH, +8.82% received a warm reception on Wall Street, as the California-based gene-editing biotechnology company's stock opened 30% above its initial public offering price. The IPO priced overnight at $17 a share, at the top of the expected range of between $15 and $17 a share, as the company raised $238 million. The stock's first trade was at $22.10 at 12:00 p.m. Eastern for about 619,000 shares. At that price, the company was valued at about $1.20 billion. The stock has pared some gains since the open, but was still up 23.5%. The company went public on a day that the Renaissance IPO ETF IPO, -0.05% slipped 0.2% in midday trading while the S&P 500 SPX, +0.33% gained 0.3%.

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