Shares of hair-restoration drug developer Veradermics Inc. more than doubled in the company’s trading debut after it raised $256.3 million in an initial public offering.

The Longitude Capital-backed company’s stock jumped 124%, trading at $38.02 as of 1:35 p.m. in New York, above its IPO price of $17 apiece. Trading was halted shortly after due to high volatility.