Fremont biotech company Ardelyx began trading Thursday on the NASDAQ and stock prices immediately jumped in the morning hours on Wall Street.
Ardelyx shares opened at $14.50, slightly above the midpoint of its $13-$15 IPO pricing. Shares reached as high as $14.75 before dropping about 25 cents by mid-afternoon. The company, which offered 4.3 million shares, raised more than $60 million in its Wall Street debut.
Ardelyx is a clinical-stage biopharmaceutical company that develops therapies to treat gastrointestinal and metabolic diseases. Led by Chief Executive Mike Raab, the company has developed a method to discover and design new drugs and has held clinical trials in more than 765 people. The company was founded in 2007 and last year had about $29 million in revenue and $6.6 million in losses.
Ardelyx is the only Bay Area company to IPO this week, but the market, which came to a standstill in late April, is heating back up. Los Altos-based Box, a Silicon Valley darling in the cloud software sector, is reportedly revisiting its IPO after a months-long delay as it has waited for the market to rebound. The company filed papers with the SEC on March 24. MobileIron, a Mountain View company that makes software for businesses to manage mobile data, raised about $100 million during its first day of public trading last week after it too had delayed its market debut.