Pandion Therapeutics stock shot up 50% at its open

Pandion Therapeutics Inc.
PAND,
+0.55%
started its public life with a bang, as biotechnology company’s stock opened 50% above where the upsized initial public offering was priced. The stock’s first trade was at $27 at 11:59 a.m. Eastern for 252,125 shares, compared with the $18 IPO price, which was above the expected range. With about 27.99 million shares outstanding after the IPO, the opening price values the company at about $755.9 million. Pandion went public at a good time for IPOs, as the Renaissance IPO ETF
IPO,
+1.27%
has run up 44.9% over the past three months, while the S&P 500
SPX,
+0.28%
has gained 12.1%.