Bloomberg
(Bloomberg) -- Black Diamond Therapeutics Inc. more than doubled in its trading debut after raising $201 million in an initial public offering that exceeded its goals.Shares of the oncology therapy developer finished their first day of trading up 108% from the offer price of $19. They closed in New York trading Thursday at $39.48, giving the company a market value of $1.3 billion.The company, based in Cambridge, Massachusetts, sold 10.6 million shares Wednesday after earlier marketing 8.9 million for $16 to $18.The listing is -- at least for a few hours -- the largest in the U.S. so far this year. Reynolds Consumer Products Inc. is set to sell its shares later Thursday to raise as much as $1.32 billion.Black Diamond Therapeutics said in its filings that it plans to use the IPO proceeds to develop its BDTX-189 cancer medicine, with a combined phase 1/2 clinical trial starting in the first half of the year.The company’s largest investor is Versant Ventures, according to the filings.The offering was led by JPMorgan Chase & Co., Jefferies Financial Group Inc. and Cowen Inc. The shares are trading on the Nasdaq Global Select Market under the symbol BDTX.(Updates with closing share price in second paragraph)To contact the reporter on this story: Michael Hytha in San Francisco at mhytha@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael HythaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.