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Biotech remains one of the busiest sectors of the IPO market.
Dreamstime
A trio of biotechs went public Friday, but only one rose above its offer price.
Cognition Therapeutics
was up double digits in afternoon trading. The other two companies, Pyxis Oncology and IsoPlexis Corp, fell below their offer prices. All opened on the Nasdaq.
Another biotech, AEON Biopharma, was also expected to make its debut but has postponed its offering, according to Renaissance Capital. AEON didn’t return requests for comment.
So far this year, 776 companies have gone public, raising $248.9 billion as of Friday, Dealogic said. Last year, 289 companies listed their shares, collecting $111.3 billion. Roughly 40% of this year’s crop of companies—316—were traditional IPOs that raised $118.7 billion. The rest were special-purpose acquisition companies.
Biotech remains one of the busiest sectors of the IPO market. The total so far this year is 83 biotechs, which were valued at about $14.8 billion.
Shares of Cognition Therapeutics (CGTX) opened at $12.15 and hit a high of $13.80. The stock, in afternoon trading, changed hands at $13.53, up nearly 13%.
Cognition raised $45.2 million after selling an upsized 3.8 million shares at $12, the middle of its expected range. The Purchase, New York, company had filed to offer 3.35 million shares at $11 to $13. B. Riley Securities and Oppenheimer & Co are underwriters on the deal.
Cognition is developing small molecule therapeutics that target age-related degenerative diseases and disorders of the central nervous system and retina. Its lead product candidate, CT1812, treats Alzheimer’s disease and is in Phase 2 development, a prospectus said.
IsoPlexis (ISO) kicked off $14.75, peaked at $14.80 and was trading at $12.98, down more than 13% from its IPO price. This technically makes IsoPlexis a broken deal.
The dismal debut came after IsoPlexis collected $125 million. The Branford, Connecticut, company sold 8.3 million shares at $15, the midpoint of its $14-to-$16 range.
Morgan Stanley
,
Cowen, Evercore ISI, and SVB Leerink are underwriters on the deal.
IsoPlexis provides a single-cell proteomics platform that is used to develop applications for cancer immunology, and cell and gene therapy, a prospectus said. The company is expanding the platform’s capabilities to target infectious diseases, inflammatory conditions, and neurological diseases.
Pyxis Oncology (PYXS), which is backed by
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Read More: 3 Biotechs Make Their Market Debut. Only 1 Rises Above Its Offer