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Sequenom IPO up 200%
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February 1, 2000: 1:11 p.m. ET
Shares of genetic analysis firm soar in first day of Wall Street trading
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NEW YORK (CNNfn) - Shares of genetic data analysis firm Sequenom Inc. catapulted 200 percent Tuesday in the company's Wall Street debut, as investors rushed to buy the latest offering in the hot biotech sector of genomics.
The San Diego-based company, which uses a high-speed system to analyze genetic material, raised $136.5 million in the initial public offering after pricing 5.25 million shares at $26 apiece. Shares priced above their expected range of $23 to $25 -- which itself was raised from the original $16 to $18.
At midday, Sequenom (SQNM: Research, Estimates) shares traded at 77-15/16 on the Nasdaq, off an earlier high of 85.
Sequenom developed a system called MassArray, which can identify the variations -- or single nucleotide polymorphisms (SNPs) -- in genes. Scientists hope that by understanding these gene variations, they can identify which genes cause disease, such as diabetes or breast cancer.
The company's competitors include Affymetrix Inc. (AFFX: Research, Estimates) and PE Corp.
Shares of genomics companies have surged in recent months amid scientific advances and investor excitement over the booming sector. The sector went on a big run earlier this month after Celera Genomics (CRA: Research, Estimates), a division of PE Corp., announced it is nearing completion of mapping the entire human genome. 
-- staff and wire reports
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Sequenom
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