In post-IPO par­ty, Nas­daq’s new­com­ers Ar­mo, Men­lo and Sol­id soar with­in hours of list­ing

Three new­ly-mint­ed biotech stocks are leap­ing in val­ue just days af­ter list­ing on the Nas­daq, send­ing a clear sig­nal to in­dus­try that in­vestors’ in­sa­tiable ap­petite will car­ry in­to 2018. Al­though there’s no sign of this ac­tiv­i­ty slow­ing down, the col­lec­tive gid­di­ness of the in­dus­try is start­ing to alarm the more con­ser­v­a­tive among us. Go-go days come to an end at some point, right?

One com­pa­ny reap­ing the ben­e­fits of the mar­ket is Ar­mo Bio­sciences $AR­MO, which went pub­lic just this morn­ing rais­ing $128 mil­lion. The late-stage im­munother­a­py com­pa­ny priced its of­fer­ing at $17 per share on a $526 mil­lion val­u­a­tion. Ar­mo quick­ly saw its share price soar, clos­ing the day at $29.74 — 75% high­er than where it start­ed. Mar­ket cap? $845 mil­lion by mar­ket close.

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