Health Care IPOs Maintaining Record Pace As These Two Biotechs Jump
Initial public offerings in the health care field continued to rock Wednesday, with Crinetics Pharmaceuticals (CRNX) jumping 44% on its first day of trading.
Crinetics is developing drugs for rare endocrine diseases and endocrine-related tumors. The company raised $102 million pricing an upsized 6 million shares at 17.
Shares of Crinetics closed at 24.51, up 44% on the stock market today.
Another biotech, Rubius Therapeutics (RUBY), raised $241.5 million with its IPO that began trading Wednesday.
Rubius priced 10.5 million shares at 23. Rubius shares closed at 24.25, up 5%. The stock was up 10% earlier in the day.
Health Care IPOs At Brisk Pace
Health care IPOs are running at a brisk pace. Just halfway through the year, health care offerings this year are close to passing the 38 health care IPOs in all of 2017, says research firm Ipreo.
Thursday is a big day for IPO activity, with another four health care offerings planning to start trading that day.
One closely watched IPO will be Tilray (TLRY), a Canadian medical-pot producer, which plans to list on the New York Stock Exchange under the ticker TLRY. It will be the first pure-play marijuana IPO on a major U.S. exchange.
Another IPO receiving above-average attention is Allakos (ALLK). Its developing antibodies for allergic, inflammatory and proliferative diseases. It will offer 6 million shares at a price range of 17. Allakos will trade on the Nasdaq under the ticker ALLK.
Also coming is Replimune Group (REPL), a developer of immunotherapy for the treatment of cancer. It will trade on the Nasdaq under the ticker REPL
Another is Constellation Pharmaceuticals (CNST), a developer of cancer treatments. It will trade on the Nasdaq under the ticker CNST.
Medical technology company Establishment Labs (ESTA) will trade on the Nasdaq under the ticker ESTA.
More companies went public in the second quarter than any other reporting period in the past three years, which could lay the groundwork for a group of tech “unicorns” to come galloping out of the forest for an initial public offering over the next year or so.