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At its "coming-out party" yesterday, biotech Aimmune Therapeutics Inc. (Nasdaq: AIMT) proved to be every bit the hot initial public offering (IPO) that we've been expecting.
The Brisbane, Calif.-based biotech - which has developed one of the first true treatments for food-allergy sufferers - raised $160 million by selling 10 million shares of its stock to investors at $16 a share.
And once the shares made their debut, they skyrocketed from there.
Aimmune's shares soared as high as $27 each - a peak gain of 68.8%. Even after they backed off a bit, the stock was still trading at $23.86 - a hefty 50% gain.
Demand for the stock was stronger than expected...
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