NEW YORK -- Shares of Adamas Pharmaceuticals wavered Thursday after the drug developer's initial public offering raised $48 million.
The offering of 3 million shares priced at $16 each, the low end of an expected range of $16 to $18.
The stock rose as much as $1.24, or 7.8 percent, in morning trading but later declined 25 cents to $15.75. The broader markets were down less than 1 percent in midday trading as well.
Adamas Pharmaceuticals Inc. is developing drugs that treat central nervous system disorders such as Parkinson's and Alzheimer's disease. It worked with Forest Laboratories Inc. on Namenda XR, an extended-release version of a Forest drug that treats Alzheimer's. The two companies are also studying a pill that combines Namenda XR with donepezil, the active ingredient in Pfizer Inc.'s drug Aricept. Forest filed for approval of that pill in March.
Adamas is also studying a drug that could treat irritability and aggression caused by traumatic brain injury as well as movement disorders caused by levodopa, a drug that is used to treat Parkinson's disease.
Shares of the Emeryville, Calif., company are trading under the symbol "ADMS" on the Nasdaq Global Market.