Black Diamond Therapeutics (BDTX) opened for trading way above the price of $19, raising $201M from its IPO to advance its cancer drug research and development. Meanwhile, Annovis Bio (ANVS) shares opened for trading on Wednesday at $6 and quickly moved higher to end the day up almost 60%. The company is currently developing therapies for neurodegenerative diseases.
LATEST IPOS:
AnPac Bio (ANPC) opened on January 30 at $12 per share after 1.33M American depositary shares were priced at $12 each. AnPAc Bio is a Chinese provider of multi-cancer screening tests.
1Life Healthcare (ONEM) opened on January 31 at $18 per share after having priced 17.5M shares at $14.00, the bottom of a $14.00-$16.00 range that had been set. 1Life Healthcare operates a network of walk-in medical clinics in the U.S.
In a research note ahead of the company’s IPO, MKM Partners analyst Rohit Kulkarni said that 1Life is attempting to disrupt a fairly large primary care market with a multi-pronged strategy, including a tech-first business model, owned-and-operated swanky offices, direct relations with physicians, and partnerships with healthcare plans. To date, however, he has not seen signs of sustainable unit economics based on acquisition, retention, and engagement of key stakeholders, including employers, consumers, and physicians.
Reynolds Consumer Products (REYN) opened on January 31 at $27.50 after having priced 47.17M shares at $26.00. Reynolds Consumer Products is known for its brand name aluminum foil and is being spun out of Rank Group, a private New Zealand investor.
Arcutis Biotherapeutics (ARQT) opened on January 31 at $23.05 after its offering of 9.375M shares priced at $17.00. Arcutis Biotherapeutics is a Phase 2 biotech developing topical therapies for common skin diseases.
Black Diamond Therapeutics opened on January 30 at $33. The company had priced 10.59M shares at $19.00. The deal size was increased from 8.9M shares and priced above the target range of $16.00-$18.00. JPMorgan, Jefferies and Cowen acted as joint book running managers for the offering. Black Diamond Therapeutics is a precision oncology medicine company pioneering the discovery and development of small molecule, tumor-agnostic therapies, according to the company’s prospectus.
Annovis Bio opened on January 29 at $6.63. The company had priced 2M shares at $6.00. The deal size was increased to 2M shares of common stock from 1.43M shares of common stock and priced at the low-end of the $6.00-$8.00. ThinkEquity acted as sole book running manager for the offering. Annovis Bio is a Phase 2 biotech developing therapies for neurodegenerative diseases.
PERFORMANCE:
- AnPac Bio finished its first trading day at $10.12 after opening at $12.
- After opening at $18, 1Life Healthcare finished Friday at $22.07.
- Reynolds Consumer Products ended the week at $28.55.
- In its first trading day, Arcutis Biotherapeutics finished at $21.80.
- Black Diamond Therapeutics finished the week at $37.50.
- Annovis Bio finished its first trading day at $7.30 after opening at $6.63.
UPCOMING IPOS: Among the upcoming IPOs are Casper Sleep (CSPR), Nexpoint Real Estate Finance (NREF), OneWater Marine (ONEW), Schrodinger (SDGR) and PPD, Inc. (PPD)
Casper Sleep sells mattresses and sleep-related products direct to consumers.
Nexpoint Real Estate Finance is seeking to operate as a mortgage REIT making loans to commercial property owners in the U.S.
OneWater Marine is a recreational boat retailer in the U.S., with 63 stores comprising 21 dealer groups in 11 states.
Schrodinger sells drug discovery software and develops drug candidates in-house.
PPD, Inc. provides contract research services to biopharmaceutical companies and researchers worldwide.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.