TRex Bio Closes Flat on First Day of Trading Despite Strong After-Hours Performance
TRex Bio (NASDAQ: TRXB), a biotech company backed by Eli Lilly (NYSE: LLY), closed its first day of trading at $14, the same price as its IPO. The stock opened lower at $13.50 and spent most of the session below $14 before briefly rising to $15.50 near market close. In after-hours trading, shares rose further to $14.52. TRex Bio is focused on developing immunoregulatory medicines targeting tissue regulatory T-cell (Treg) biology. The company raised up to $133 million in its U.S. IPO by pricing the offering at $14 per share. Its collaboration with Eli Lilly has been a key factor in its development and growth. The flat performance on the first day of trading suggests cautious investor sentiment, though after-hours gains indicate some optimism about TRex Bio's long-term potential.
Tickers: $LLY
Topics: biotech IPO stock price movement