Heart Health Biotech Kardigan Up 27% After $400 Million IPO (1)

Kardigan Inc. shares surged 27% in its trading debut, after the heart-health focused biotech raised $400 million in an initial public offering.

The company’s shares traded at $20.36 as of 1:30 pm in New York, above its IPO price of $16. The trading gives Kardigan a market value of around $1.8 billion, based on the outstanding shares.

The heart-health focused biotech sold 25 million shares at $16 each, according to a statement Wednesday. The firm had marketed 23.3 million shares for $14 to $16 each, an earlier filing showed.

Kardigan’s Chief Executive Officer Tassos Gianakakos previously served as the CEO ...