With 4 more biotech IPOs due to wrap up Q2, how is the class of 2019 faring?
With 22 biotech IPOs on the books and four more set to price in the last week of June, investment adviser Renaissance Capital has taken the pulse of the recent rush.
By the IPO experts’ count, 25 out of 32 healthcare offerings this year have been from biotechs — differing slightly from Brad Loncar’s tally — and the overall picture is one of underperformance. While they averaged a first-day return of 9.0%, collectively they have traded down to a 5.9% return. Turning Point $TPTX and Cortexyme $CRTX emerged on top at the half-year mark, rising 135% and 109% respectively.
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