06/17/19-06/21/19 IPO Summary

The first of two biotech heavy weeks was overwhelmingly positive with strong gains coming from four-of-the five deals to debut.

Stoke Therapeutics (STOK) priced an upsized offering of 7.89mm shares  (originally 6.7mm) at $18.00 ($2.00 above range) and opened at $27.21 for a gain of 51.2% at first trade. STOK hit a high of $30.14 on its opening day of trading.

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Personalis Inc (PSNL) priced an upsized deal, 7.92mm shares (up from 6.7mm), at  $17.00 ($1.00 above range), and opened at $23.70 for a gain of 39.4% at first trade. PSNL traded as high as $29.50 in its opening day of trading.

Akero Therapeutics (AKRO) priced an upsized offering of 5.75mm shares (5.0mm original size) at the high end of the range, $16.00 and opened at $16.16 for a 1.0% gain at first trade. AKRO traded very well in the aftermarket and hit a high of $21.94 for a gain of 37.1% at top tick.

Atreca Inc. (BCEL) priced a full-size deal, 7.35mm shares, at the midpoint of the range, $17.00, and opened at $19.90 for a gain of 17.1% at first trade. The stock faced immediate selling pressure and broke the issue price within the first ten minutes of trading.

Prevail Therapeutics (PRVL) priced a full-size deal at the midpoint of the range, $17.00, and opened at $15.31 for a loss of 9.9% at first trade. PRVL was under heavy selling pressure on day one. This “may” have been due to a litigation issue released in a FWP (free-writing prospectus) that was issued the day prior to debut that “may” have scared investors away.

It should be noted that one biotech that was scheduled to debut, Dermavant Sciences (DRMT) was postponed. The parent company, Roivant Sciences, elected to pull the deal and there is no further information at this time.

As for the non-bio syndicate transaction, Grocery Outlet Holding Corp (GO)….the IPO priced a full-size deal at $22.00 ($5.00 above the original $15-$17 range) and opened at $31.00 for a gain of 40.9% at first trade.  

The highly-publicized direct listing, Slack Inc (WORK), set a reference price of $26.00, however the opening price (which will also be the initial public offering price for those tracking this at home) is $38.50. As of 11am ET on Friday, WORK was trading right around $38.25.