Concerns about the coronavirus outbreak made last week one of the markets’ worst since the 2008 financial crisis. But Philadelphia-based gene therapy company Passage Bio (PASG) still launched its initial public offering in the middle of that mess — and the company did just fine.
Passage’s stock jumped 20% on Friday, its first day trading, from $18 to nearly $22; in total, the offering brought in $216 million for the company. (For comparison’s sake, the NASDAQ’s biotech index was up by about 4% on Friday.)
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