Eye Care Firm SpyGlass Pharma Soars 65% In Trading Debut (2)

SpyGlass Pharma Inc. shares jumped 65% in the biopharmaceutical firm’s trading debut after it raised $150 million in an initial public offering.

The company’s shares closed at $26.40 each in New York on Friday, versus its IPO price of $16 apiece. The trading gives the Aliso Viejo, California-based company a market value of about $842 million, based on the outstanding shares in its filings.

Founded in 2019, the late clinical-stage biopharmaceutical firm is developing intraocular lens and drug delivery solutions to treat patients with chronic eye conditions such as glaucoma.

SpyGlass is led by Chief Executive Officer Patrick Mooney, a ...