June 28 (Reuters) - Shares of biopharmaceutical firm

Alumis opened nearly 16% below their initial public

offering (IPO) price in their debut on the Nasdaq on Friday.

A long-awaited recovery in the IPO market that began earlier

this year has begun to sputter as the U.S. Federal Reserve

continues to delay interest rate cuts, which has also hampered

trading in some recently listed shares.

Tamboran Resources, a natural gas exploration

company backed by Bryan Sheffield, closed 9% below its IPO price

on its first day of trading on NYSE on Thursday. SoftBank

Group ( SFTBF )-backed genetic testing company Tempus AI's ( TEM )

shares are also 17% off their IPO price.

Alumis raised $210 million in a downsized IPO after having

targeted at least $282 million earlier.

Its stock opened at $13.50 apiece compared with the IPO

price of $16, giving it a valuation of $760.99 million. It was

last down 18%.

Alumis, inspired by the words "allumer" - French for

illuminate - and "immunis" - Latin for the immune system, is

involved in developing oral therapies to address immune

dysfunction.

Morgan Stanley, Leerink Partners, Cantor Fitzgerald and

Guggenheim Securities were the underwriters for the IPO.