Shares of Guardant Health (GH) jumped by double-digits Thursday, after raising $238 million in an initial public offering that exceeded expectations.
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The Guardant Health IPO priced 12.5 million shares at 19. That was above its estimated range of 15 to 17. Shares opened at 27.75 for an initial gain of 46%.
The stock continued to move up. Guardant shares closed at 32.20, up 69.5% on the stock market today.
The Guardant Health IPO listed on the Nasdaq under the ticker GH.
'Precision Oncology'
Based in Redwood City, Calif., Guardant makes noninvasive blood-based cancer diagnostics tests based on proprietary technology.
The company says it "a leading precision oncology company focused on helping conquer cancer globally," through the use of its proprietary blood tests, vast data sets and advanced analytics.
"Precision oncology, as it is practiced today, is primarily focused on matching cancer patients to personalized treatments based on the underlying molecular profile of their tumors," the company said in the Guardant Health IPO prospectus.
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