Anchiano Therapeutics' stock set to close well below its IPO price


Shares of Anchiano Therapeutics Ltd.

ANCN, -6.30%

was on track to close below its initial public offering price on its debut, bucking the gains in its Nasdaq biotechnology peers and the broader stock market. The stock’s first trade was at its IPO price of $11.50 at 10:02 a.m. Eastern, and that was the highest price it traded. The Israel-based biotechnology company’s stock fell as much as 8.3% below its IPO price, at the intraday low of $10.55, but has pared some losses to be down 6.4% in recent trade. Meanwhile, the iShares Nasdaq Biotechnology ETF

IBB, +0.88%

was up 0.9% in afternoon trade while the S&P 500

SPX, +1.20%

was rallying 1.3%.

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