Biotech stocks are making headlines on Friday as two companies join the public market via initial public offerings (IPOs) today.
Let’s dive into the first of the new biotech stocks joining the market today below.
Biotech Stocks: VectivBio (NASDAQ:VECT)
- VectivBio is listing 7.5 million shares of VECT stock on the Nasdaq Exchange at a price of $17 each.
- It expects to generate $127.5 million in proceeds from the IPO.
- There’s also a 30-day option for underwriters to purchase an additional 1.125 million shares at the IPO price.
- The offering is expected to close on Tuesday.
- VectivBio is a clinical-stage biotechnology company focused on discovering and developing treatments for severe rare conditions with unmet needs.
- Investors appear receptive to the IPO with more than 705,000 shares trading as of this writing.
- It’s also worth pointing out that the price of VECT stock has jumped nearly 21.5% to above $20 per share Friday afternoon.
Now let’s take a look at the second biotech company joining the public market today.
Biotech Stocks: Reneo Pharmaceuticals (NASDAQ:RPHM)
- Reneo Pharmaceuticals is listing 6.25 million shares of RPHM stock on the Nasdaq Exchange for $15 per share.
- It’s expecting the offering to bring in gross proceeds of $93.8 million.
- The IPO also includes a 30-day option for underwriters to purchase an additional 937,500 of RPHM stock at the IPO price.
- The company is also expecting the offering to close on Tuesday.
- Reneo Pharmaceuticals is a biotechnology company focusing on the development of therapies for patients suffering from rare genetic mitochondrial diseases.
- As of this writing, more than 1.22 million shares of RPHM stock have traded.
- However, the stock has been dipping lower since going public with shares down 1.7%, bring it below its IPO price.
These two biotech stocks aren’t the only recent IPOs worth talking about.
Several other companies have been going public lately through the traditional means, or are making plans to do so. Among them are TuSimple, Coinbase (NASDAQ:COIN), and AppLovin. Investors can learn more about these companies’ IPO plans at the links below.
More IPO News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.