Eleven Biotherapeutics shares trade up after IPO

Shares of Eleven Biotherapeutics Inc. advanced 8.5 percent in their opening day of trading on the Nasdaq stock exchange Thursday after the Cambridge-based developer of protein drugs to treat eye diseases raised $50 million in an initial public offering.

Eleven, a biotechnology company started and bankrolled by venture capital firms Third Rock Ventures in Boston and Flagship Ventures in Cambridge, sold 5 million shares at $10 each—below its estimated price range of $13 to $15 a share—in its IPO. The share price traded up 85 cents, closing at $10.85.

The IPO was the third so far this year by a Massachusetts biotech. Genocea Biosciences Inc., another Cambridge company, went public Wednesday, losing 8.3 percent in its first day of trading. And in the year’s first new Bay State biotech offering, Dicerna Pharmaceuticals Inc. of Watertown surged nearly 207 percent in its market debut last week.

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