Shares of Allakos (ALLK) rocketed on its first day of trading Thursday with an initial public offering that raised $130 million, boosting a busy period for health care IPOs.
Allakos priced an upsized 7.2 million shares offering at 18, above the expected range of 15 to 17. Shares closed at 31.25, up 73.6% on the stock market today.
The Allakos IPO initially planned to offer just 6 million shares, but high demand boosted that number.
The company is developing antibodies for allergic, inflammatory and proliferative diseases.
Health care IPOs are running at a brisk pace. Just halfway through the year, health care offerings this year are close to passing the 38 health care IPOs in all of 2017, says research firm Ipreo.
Shares of Crinetics Pharmaceuticals (CRNX) popped 44% on its first day of trading Wednesday. The company raised $102 million pricing an upsized 6 million shares at 17. Shares closed Thursday at 22.66, down 7.5%.
The company is developing drugs for rare endocrine diseases and endocrine-related tumors.
More Health Care IPOs
One closely watched IPO is Tilray (TLRY), a Canadian medical-pot producer. It is the first pure-play marijuana IPO on a major U.S. exchange. Shares priced at 17, above the expected range. Tilray stock closed at 22.39, up 31.7%
Among other health care IPOs Thursday, Constellation Pharmaceuticals (CNST), a developer of cancer treatments, priced 4 million shares at 15. Shares closed at 11.50, down 23,3%.
Medical technology company Establishment Labs (ESTA) priced an upsized 3.7 million share offering at 18. Shares closed at 24.75, up 37.5%.
More companies went public in the second quarter than any other reporting period in the past three years. That could lay the groundwork for a group of tech “unicorns” (a startup valued at more than $1 billion) to come galloping out of the forest for an initial public offering over the next year or so.
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