Immune drug developer Alumis has raised $210 million in one of the biotechnology sector’s largest initial public offerings this year. Still, the IPO announced Thursday comes in below projections Alumis set earlier this week. The company had expected to sell about 17.7 million shares at $16 to $18 apiece, guaranteeing it at least $282.5 million. Instead, Alumis sold about 13.1 million shares at the low end of that range, and boosted its haul with a $40 million private stock sale to AyurMaya Capital Management, one of its top equity holders. Shares will begin trading Friday on the Nasdaq stock exchange. Even though the offering is smaller than Alumis intended, it’s still the third-largest for a biotech this year, according to BioPharma Dive data. It also ranks among the most lucrative offerings since the final months of 2021, when the demand for sector IPOs cooled following a multi-year bull run. After a fast start to 2024, the pace of new biotech stock issues has slowed. Only four biotechs priced offerings during the second quarter, compared to eight in the first three months of the year, according to BioPharma Dive data. Performance has lagged as well, with most of this year’s class trading below their offering price.