Shares of Enanta Pharmaceuticals Inc. are rising in their trading debut on the Nasdaq exchange.
The Watertown, Mass., drug developer's stock is up more than 15 percent, or $2.15, to $16.15 in morning trading. Meanwhile, the Nasdaq exchange is down slightly.
Enanta raised $56 million in an initial public offering of 4 million shares after pricing the stock at $14 per share, which was at the low end of its expected range. The shares are trading under the ticker symbol ENTA.
Enanta is developing potential hepatitis C treatments but has no products on the market yet. Its most advanced product is in late-stage testing.
The company wants to use offering proceeds for drug development and working capital.