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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