Shares of Allscripts (Nasdaq: MDRX), which provides online medication management solutions for physicians, climbed 1-3/16 to 15-7/8 on Thursday, a gain of more than eight percent. Allscripts benefited from a strong buy rating from CIBC Oppenheimer, which was a co-manager of the company’s July 23 initial public offering. Allscripts also received an outperform rating from Wit Capital, which distributed shares of the IPO to a limited number of its customers.
Even after Thursday’s climb, Allscripts stock is still trading for less than its IPO offering price of $16. Pre-IPO demand for shares of Allscripts was high. The original price range of the IPO was $10 to $12. The range was then bumped to $13 to $15 before the IPO priced at $16.