Shares for La Jolla-based Sophiris Bio Inc. dropped nearly 17 percent after the drugmaker lowered the price of its initial public offering while increasing the number of shares it sold.

Sophiris (NasdaqGS: SPHS) had an initial aim to raise $65 million by selling 5 million shares at $13 apiece, but shifted gears August 15 and sold 13 million shares at $5 apiece instead.

Following its debut on the Nasdaq, stock for Sophiris tumbled 84 cents, closing August 16 at $4.16 a share.

—Meghana Keshavan