Is CG On­col­o­gy’s IPO a bench­mark for a bet­ter year in pub­lic of­fer­ings? 

NEW YORK — CG On­col­o­gy rang the Nas­daq open­ing bell on Thurs­day morn­ing, mark­ing a rare sight for biotechs over the past two years as the vol­ume of ini­tial pub­lic of­fer­ings shrank from near­ly 100 in 2021 to about a dozen in 2023.

De­pend­ing on how the mar­ket re­acts to CG’s stock $CGON, the $380 mil­lion de­but could be a barom­e­ter for the year to come.

In­dus­try in­sid­ers rou­tine­ly cau­tion against judg­ing the state of the IPO mar­ket based on one com­pa­ny, but they’ll like­ly have more da­ta points to ex­am­ine now that at least five oth­er biotechs are poised to fol­low suit.

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