Xencor trades higher after IPO prices at $70M

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NEW YORK (AP) - Shares of Xencor are rising after the biotechnology company's initial public offering raised $70 million, at the low end of its expectations.

Xencor says it sold 12.7 million shares for $5.50 per share. In November, the company said it planned to sell 5 million shares for $14 to $16 each.

The stock is up 65 cents, or 11.8 percent, to $6.15 in morning trading.

The shares are trading on the Nasdaq Global Market under the ticker symbol "XNCR."

Xencor Inc. is based in Monrovia, Calif., and it is developing treatments for severe autoimmune and allergic diseases and cancer.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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