Sam Waksal's Kadmon Holdings shares open below offering price in debut

Kadmon Holdings President & CEO Harlan Waksal, right, rings a ceremonial bell to mark the beginning of trading of his company's IPO, on the floor of the New York Stock Exchange, Wednesday, July 27, 2016.
Richard Drew | AP

Kadmon Holdings shares opened at $11.55 in their Wednesday debut, below the initial public offering price of $12 per share.

Sam Waksal's biotech company offered 6.25 million shares of common stock. Kadmon granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the IPO price.

Kadmon began trading on the New York Stock Exchange under the symbol "KDMN."