IGM Biosciences Opens Above IPO Price

IGM Biosciences IGMS made its public debut Wednesday morning, opening at $18.31 after being priced at $16 per share.

The company's shares are listed on the Nasdaq under the ticker symbol "IGMS."

See Also: IGM Biosciences IPO: What You Need To Know

IGM is a biotech company involved in the development of engineering IgM antibodies for the treatment of cancer patients. The IgM antibodies, according to the company, have the tendency to bind more strongly to cancer cells than comparable IgG antibodies.

The company's lead product candidate IGM-2323 is a bispecific T cell engaging IgM antibody targeting CD20 and CD3 proteins. It's planning to dose the first patient in a Phase 1 trial of IGM-2323 in relapsed/refractory B cell Non-Hodgkin's lymphoma patients in 2019.

Jefferies, Piper Jaffray, Stifel and Guggenheim Securities are the underwriters for the offering.