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-backed genetic testing company Tempus AI's 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.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)