Lyell Immunopharma stock falls in initial trades following IPO

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Shares of San Francisco-based Lyell Immunopharma Inc. LYEL, -0.65%, a clinical-stage biotech that is developing T cell therapies for solid tumors, stumbled in their trading debut Thursday, falling 2.2% at last check. The company sold 25 million shares priced at $17 each, the midpoint of its $16- to-$18 price range to raise $425 million. Proceeds will be used to fund its clinical trials and research and development efforts. With 242.8 million shares outstanding, the company has a valuation of $4.1 billion. Lyell shares are trading on Nasdaq, under the ticker “LYEL.” Goldman Sachs, BofA Securities, JP Morgan and Morgan Stanley were underwriters on the deal.

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