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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