The Moderna Therapeutics IPO (NASDAQ:MRNA) kicked off Friday morning.
Here are seven things you should know about the Cambridge, Mass.-based biotechnology company and its public debut:
- The company initially filed with the U.S. Securities and Exchange Commission back in early November to go public and it made its debut this morning, trading under the stock symbol MRNA.
- The Moderna Therapeutics IPO priced Thursday at $23 a share and began trading Friday.
- The biotech giant said that it is selling about 27 million shares with the hopes of raising $620 million through the offering.
- The move brought the company’s valuation up to about $7.5 billion.
- Moderna is in the business of researching messenger RNA, or mRNA, which has the purpose of carrying genetic information from DNA that is used to make proteins.
- The company’s experimental treatments are being programmed to use mRNA to prompt cells to create proteins capable of battling diseases.
- Outside of Moderna, there are 56 biotech IPOs that have raked in a total of $5.5 billion in 2018, making it the highest total since 2014.
MRNA stock is declining about 12.1% on Friday as the company’s first day of trading is getting close to wrapping up. Shares are now trading for $20.22 per share.