MacroGenics priced its upsized IPO on the high end of its range today, only to see its shares soar more than 50% on the biotech's debut.
A funny thing happened to Fate Therapeutics on its way to the hot biotech IPO market. Following fast on the heels on a pair of breakout IPOs, the offering flopped. And the setback is reigniting a debate over just how long the IPO market can continue to sizzle.
Any jitters about investors' appetite for new biotech IPOs were set aside--at least temporarily--after a trio of companies pushed their way confidently into the market yesterday, raising about $300 million.
Yet another biotech has joined the raging IPO craze. Nanomedicine company Bind Therapeutics has raised $70.5 million in a public offering of its stock priced at $15 per share, The Associated Press reports.
Acceleron will begin trading today under the "XLRN" symbol, part of a burst of new fall IPOs that got started with FivePrime's offering yesterday and is scheduled to continue this week with debuts from Fate Therapeutics and Bind Therapeutics, which was founded by MIT entrepreneur Bob Langer.
Even as some biotechs with no human data at all were being feted on Wall Street with over-the-top IPOs, the Phase IIb-proud Regado wound up having to slash its share price from a projected range of $14 to $16 a share to a mere $4.
Diagnostics outfit Foundation Medicine is hopping on the IPO bandwagon. It said it plans to raise $75 million by offering 5 million shares at a price range of $14 to $16.
Three well-groomed biotech outfits aim to sustain the frenzy for new biotech stocks on Wall Street. This week Acceleron Pharma, Bind Therapeutics and Five Prime Therapeutics proposed price ranges for their planned initial public offerings.
MacroGenics, a developer of next-generation antibodies against cancer and autoimmune diseases, has joined the ranks of biotech companies that either have or plan to hit the public markets this year, seeking up to $60 million in its initial public offering.
The Scientist went out and asked several CEOs about the major reasons behind the sudden burst of offerings, and found a lot of support for the federal JOBS Act.