(Reuters) -Shares of Kyverna Therapeutics jumped 55.7% in their market debut on Thursday, giving the biopharmaceutical company that is backed by Gilead Sciences a market capitalization of $1.4 billion.
Emeryville, California-based Kyverna’s stock opened at $34.25 each, above the initial public offering (IPO) price of $22 per share.
The U.S. IPO market is slowly recovering after a two-year lull fueled by the Federal Reserve’s aggressive interest rate hikes and geopolitical uncertainty, as bets of a soft landing for the world’s largest economy firm up.
The company sold 14.5 million shares priced at $22 per share, raising $319 million in an upsized offering.
Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
