CRO IPOs get a warm reception as PRA, INC boom on the Street

PRA Health Sciences ($PRAH) and INC Research ($INCR) have both seen their shares tick upward since pulling off IPOs earlier this month, a sign that, despite biotech's boom and bust, the window for CRO debuts remains open. PRA is trading nearly 20% above its opening price after wrapping up its IPO last week. The North Carolina CRO moved an additional 2.6 million shares to cover overallotments, netting $330 million in total after discounts and fees. Meanwhile, INC is up more than 27% after its closing, which brought in a gross $172.5 million after its underwriters bought up 1.2 million extra shares. Story

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