Enanta Pharma climbs in 1st day of Nasdaq trading

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Associated Press

Posted on March 21, 2013 at 11:01 AM

Updated Thursday, Mar 21 at 12:02 PM

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.

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