CLSA analyst Elinor Leung raised iQIYI's price target to $23.50 from $19 while reiterating an Underperform rating on the shares. The company's subscription growth may improve in Q4 but advertising growth will "stay modest" in 2020, Leung tells investors in a pre-earnings research note.

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The deal priced at the bottom of the $15.85-$16.35 range. Credit Suisse acted as sole book running manager for the offering.

Bullish option flow detected in iQiyi with 18,185 calls trading, 1.1x expected, and implied vol increasing almost 25 points to 102.72%. 4/30 weekly 20 calls and Apr-21 17 calls are the most active options, with total volume in those strikes near 8,400 contracts. The Put/Call Ratio is 0.22. Earnings are expected on May 13th.