First IPOs After Airbnb Debut Surge as Biotechs Lead Huge Pops
First IPOs After Airbnb Debut Surge as Biotechs Lead Huge Pops
(Bloomberg) -- The first initial public offerings in the wake of Airbnb Inc.’s red-hot debut soared, led by four nascent drug developers.
The massive gains for AbCellera Biologics Inc., Certara Inc., Nanobiotix and 4D Molecular Therapeutics Inc. showcased Wall Street’s appetite for both newly public companies as well as blossoming drug developers. The excitement also leaked over to newly minted Vivos Therapeutics Inc., a medical technology stock.
The gains stood out in a choppy session for the stock market. While the group of newly public companies saw huge rallies, the broader market and a closely-followed index of drug developers -- the Nasdaq Biotechnology Index -- churned sideways.
AbCell soared more than 200% above its IPO price on Friday, while 4D climbed by 84%. Vivos jumped 71%, Certara by 51% and Nanobiotix is up 25% from its offering price.
Two of the IPOs priced above their offering ranges, like Airbnb and DoorDash Inc. The other three priced within-range. Four of the five were upsized.
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