Biotech Pair Halted After IPO Craze Triggers Massive Rallies
(Bloomberg) -- The surge in two freshly minted stocks on Thursday triggered trading halts amid a frenzied rush into initial public offerings.
Scopus Biopharma Inc., a cancer-therapy developer, soared as much as 708%, following a 7.6% jump in its Wednesday debut. Meanwhile, medical-technology company Vivos Therapeutics Inc. trimmed its advance to 28% when trading resumed, after almost doubling earlier in the day.
Not since the height of the dot-com bubble two decades ago have public listings done more to enrich owners amid unprecedented Federal Reserve stimulus and the resurgence of individual investors as the biggest market force. The pharmaceutical industry, in particular, has enjoyed a meteoric rally as the advancement of vaccines and other therapies has kept several Wall Street analysts hopeful. The Nasdaq Biotechnology Index traded near record highs.
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