NEW YORK (AP) -- Three companies went public Wednesday, with shares of biotech Agios Pharmaceuticals Inc. surging after its IPO priced above expectations. Heat Biologics Inc. and Jones Energy Inc. slumped in their debuts.
— Agios, which develops treatments for cancer and rare genetic diseases, raised $106 million in an initial public offering of stock. The Cambridge, Mass., company sold 5.9 million shares at $18 each. It had initially expected to price 5 million shares from $14 to $16 apiece. The banks managing the offering may buy about 800,000 more shares, adding to proceeds.
Trading on the Nasdaq under the symbol "AGIO," the stock added $13.28, or 73.8 percent, to $31.28. During the day the shares moved as high as $32.
— Jones Energy, which searches for oil and gas in Texas and Oklahoma, raised $187.5 million in its IPO. The company sold 12.5 million shares for $15 each. It had hoped to price 14 million shares for $17 to $19 apiece. Chairman and CEO Jonny Jones will buy another 1.3 million shares, while the banks managing the deal may purchase up to 1.9 million more if there's demand for the deal.
The Austin, Texas, company's stock is trading on the New York Stock Exchange under the "JONE" symbol, and fell $1.17, or 7.8 percent, to $13.83 Wednesday.
— Heat Biologics Inc. brought in $25 million from its IPO. It sold 2.5 million shares, more than the 1.7 million it had originally planned. The offering priced at $10 a share, at the low end of the company's expected range of $10 to $12 per share. The banks managing the deal may buy nearly 400,000 more shares.
Based in Chapel Hill, N.C., Heat studies cancer treatments designed to create immune responses against tumors.
Trading on the Nasdaq under "HTBX," shares declined 43 cents, or 4.3 percent, to $9.57.
- Investment & Company Information