Shares of Eleven Biotherapeutics Inc. advanced 8.5 percent Thursday on their opening day of trading on the Nasdaq Stock Market after the Cambridge-based developer of protein drugs to treat eye diseases raised about $50 million in an initial public offering.
Eleven, a biotechnology company started and bankrolled by the 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. The share price traded up 85 cents, closing at $10.85.
The IPO was the third so far this year by a biotech in the state. 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 Massachusetts biotech offering, Dicerna Pharmaceuticals Inc. of Watertown surged nearly 207 percent last week in its market debut.