Shares of Turning Point Therapeutics (TPTX), a San Diego-based developer of targeted cancer drugs, soared 57% following the company’s initial public offering on Wednesday. Investors would do well to keep an eye on the firm, which could follow in the footsteps of companies such as Ignyta (sold to Roche for $1.7 billion in 2017) and Loxo Oncology (bought by Eli Lilly for $8 billion earlier this year).
Turning Point sold 9.25 million shares at a price of $18, the top of its pricing range, raising $166.5 million before underwriter discounts and commissions. The deal already valued the company at about $600 million before the stock popped to as high as $27 per share.
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