IPO Stock Watch: Tokai Pharma Up In Biotech IPO Debut
Tokai Pharmaceuticals stock was up more than 60% on its first day of trading Wednesday. Tokai Pharmaceuticals (TKAI) is a developer of small-molecule therapies for prostate cancer and other hormonally driven diseases. The stock priced at 15, the high end of its range, and quickly doubled in price before settling back in midday trading to near 22.80, up 52% on the stock market today. Tokai raised $97 million by selling 6.5 million shares, 1.1