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Moderna-backed Metagenomi Technologies (NASDAQ:MGX) stock was down 31% Friday afternoon in the wake of a $94M initial public offering that priced at the low-end of its previously stated range.
Shares of the genetic drug developer opened at $10.25 after being priced at $15, reaching a high of $11.24 and a low of $9.80. The stock recently sold at $10.42, down 31%, at approximately 3:15 p.m. ET.
Metagenomi offered 6.25M shares at $15 per share. Underwriters were granted a 30-day option to buy up to 937,500 additional shares to cover any overallotments.
Joint bookrunners were J.P. Morgan, Jefferies, TD Cowen, Wells Fargo Securities and BMO Capital Markets, with Chardan serving as lead manager.
Bayer HealthCare (OTCPK:BAYZF) and Moderna are both investors in the company. After the IPO, Bayer will hold an estimated 10.8% stake, while Moderna (MRNA) will hold 4.6%, according to an SEC filing.
Based in Emeryville, Calif., Metagenomi is focused on developing curative therapies using its proprietary metagenomics-derived genome editing tools. The company’s drug candidates are in preclinical development.
Metagenomi first filed for the IPO in January.