Shares of Clovis Oncology are falling in their first day of trading on the Nasdaq Global Select Market.
The stock is down 18 cents to $12.82 in late morning trading after rising as high as $13.31 earlier. Broader trading indexes also are also lower.
The Boulder, Colo., company raised about $130 million in an initial public offering of 10 million shares. The stock was priced at $13, the low end of its expected range.
Underwriters have a 30-day option to buy up to an additional 1.5 million shares to cover any excess demand.
Clovis plans to use proceeds from the offering to fund clinical trials for cancer treatments. The company was founded in 2009, and it does not expect to generate revenue until 2014 at the earliest.
The stock trades under the ticker symbol “CLVS.”