Bucking a five-day general stock market slide, shares of newly public Foundation Medicine Inc. nearly doubled Wednesday in their debut on the Nasdaq stock exchange.
Foundation, a Cambridge-based cancer diagnostics start-up that has attracted high-profile financial backers such as Microsoft Corp. founder Bill Gates and Russian billionaire Yuri Milner, completed its initial public offering Tuesday night. The pioneering targeted therapies company sold more than 5.8 million shares at $18 each, raising about $106 million.
Its shares vaulted $17.35 to $35.35 on Wednesday, an increase of 96.4 percent that left the four-year-old biotechnology company with a market value of about $940 million.
“It’s very rare when a company fetches this kind of initial valuation,” said Zarak Khurshid, life sciences analyst for Wedbush Securities. Full story for BostonGlobe.com subscribers.