Inari Medical’s stock blasts off, trades more than double the IPO price


Shares of Inari Medical Inc.
NARI,
-0.28%
rocketed out of the gate Friday, as they opened for trading at prices that were more than double the initial public offering price. The Irvine, Calif.-based company, which develops medical devices for patients suffering from venous diseases, upsized its IPO to 8.20 million shares from 7.33 million shares. The company raised $155.85 million in the IPO, which priced at $19, above the expected range of $17 to $18, which was recently raised from $14 to $16. The stock’s first trade was at $41.30–117% above the IPO price–at 12:09 p.m. ET for 1.1 million shares. It has since held its gains, and was most recently up 116%. The company went public at a time that the Renaissance IPO ETF
IPO,
+1.18%
has gained 2.9% over the past three months, while the S&P 500
SPX,
+0.21%
has lost 12.0%.


View more information: https://www.marketwatch.com/story/inari-medicals-stock-blasts-off-trades-more-than-double-the-ipo-price-2020-05-22

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