{"id":13990,"date":"2020-07-24T16:19:40","date_gmt":"2020-07-24T20:19:40","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=13990"},"modified":"2020-07-24T17:03:18","modified_gmt":"2020-07-24T21:03:18","slug":"07-20-20-07-24-20-ipo-summary","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/07-20-20-07-24-20-ipo-summary\/","title":{"rendered":"07.20.20-07.24.20 IPO Summary – Biotech Weakness Blemishes Strong Week"},"content":{"rendered":"

The week will be remembered for another strong software debut but also for the aggressive biotech pricing leading to underperformance.\u00a0<\/span>
\n\"\"<\/a><\/p>\n

Let’s start with the good (or great).<\/p>\n

Jamf Holdings Corp (JAMF) <\/b>priced <\/span>18.0mm shares<\/b> (upsized from 16.0mm) <\/span>at $26.00<\/b> ($3.00 above the upwardly-revised $21-$23 range) and <\/span>opened at $46.00 for a gain of 76.9% at first trade. <\/b>The stock traded as high as <\/span>$51.00 <\/b>in the first five minutes before settling in around the $40 mark in its opening week<\/span>. <\/b>The three \u20185\u2019 rated IPOs over the last two weeks, nCino Inc., Berkeley Lights & Jamf Holdings, averaged a <\/span>112.7%<\/b> performance versus issue price at first trade.\u00a0\u00a0\"\"<\/a><\/span><\/p>\n

Montrose Environmental Group (MEG) <\/b>priced a full-size deal, <\/span>10.0mm shares<\/b>, at the low-end of the range, <\/span>$15.00<\/b>, and<\/span> opened at $16.50 for a gain of 10% at first trade. <\/b>The IPO traded exceptionally well and closed its opening session at $22.00 or 46.7% above issue.<\/span><\/p>\n

There were four biotech IPOs that all launched Monday and debuted on Friday. All four of the deals were upsized and all priced at either the high-end or above their original ranges. The way that the deals opened, traded and closed their opening session was, for the most part, <\/span>disappointing.<\/b><\/p>\n

iTeos Therapeutics, Inc. (ITOS) <\/b>priced <\/span>10.6mm shares<\/b> (upsized from 8.9mm) <\/span>at $19.00<\/b> ($1.00 above the range) and opened at <\/span>$25.55<\/b> for a gain of <\/span>34.5%. <\/b>In an unprecedented move for a JP Morgan lead left company, the deal was halted within minutes of opening. The stock reopened and immediately traded lower and in fact broke the issue price before rebounding and <\/span>closing the session at $19.05<\/b>.<\/span><\/p>\n

Inozyme Pharma, Inc. (INZY) <\/b>priced <\/span>7.0mm shares<\/b> (upsized from 6.5mm) <\/span>at $16.00<\/b> and opened at <\/span>$20.80<\/b> for a gain of <\/span>30%. INZY <\/b>was also met with selling pressure and traded as low as $16.10 before closing their opening session at $17.54 or 9.6% above the offering price.<\/span><\/p>\n

Annexon, Inc. (ANNX)<\/b> priced <\/span>14.8mm shares<\/b> (upsized from 12.5mm) <\/span>at $17.00<\/b> ($1.00 above the range) and opened at <\/span>$17.40<\/b> for a gain of <\/span>2.4%. ANNX<\/b> traded as high as $19.00 before closing at $17.76 — slightly ahead of its $17.60 VWAP on day one.\u00a0<\/span><\/p>\n

Nurix Therapeutics, Inc. (NRIX) <\/b>priced <\/span>11.0mm shares at $19.00<\/b> ($1.00 above the range) and opened at <\/span>$18.06<\/b> for a gain of <\/span>-4.9%. <\/b>This was the most disappointing of the bunch. This IPO was the case of the extremely rare instance in which a deal prices above range and fails to trade higher at opening tick. <\/span>NRIX <\/b>ultimately traded as high as $21.33 and closed its first session at $19.01…but the results of this offering is a potential warning sign to the IPO market.<\/span><\/p>\n

Looking ahead to this week, <\/span>there are five IPOs currently on the calendar.\u00a0<\/b>Which one is channel checking the best? Which one is generating the most chatter amongst insititutional investors?<\/p>\n

Try us out for a week or month!<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The week will be remembered for another strong software debut but also for the aggressive biotech pricing leading to underperformance.\u00a0<\/p>\n","protected":false},"author":5,"featured_media":13859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24,2058,1536],"tags":[2150,2151,2152,2153,279,2154],"class_list":["post-13990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","category-spotlight","category-subscriber-content","tag-annx","tag-inzy","tag-itos","tag-jamf","tag-meg","tag-nrix"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/13990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=13990"}],"version-history":[{"count":4,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/13990\/revisions"}],"predecessor-version":[{"id":14005,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/13990\/revisions\/14005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media\/13859"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=13990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=13990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=13990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}