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Enanta Pharma climbs in 1st day of Nasdaq trading

The Associated Press

Shares of Enanta Pharmaceuticals Inc. are rising in their trading debut on the Nasdaq exchange.

The Watertown, Mass., drug developer's stock is up more than 15 percent, or $2.15, to $16.15 in morning trading. Meanwhile, the Nasdaq exchange is down slightly.

Enanta raised $56 million in an initial public offering of 4 million shares after pricing the stock at $14 per share, which was at the low end of its expected range. The shares are trading under the ticker symbol ENTA.

Enanta is developing potential hepatitis C treatments but has no products on the market yet. Its most advanced product is in late-stage testing.

The company wants to use offering proceeds for drug development and working capital.