There were potentially eight initial public offerings (IPOs) on this week’s calendar, but the tally is likely to be just two when the week ends. AveXis Inc. (NASDAQ: AVXS) and Proteostasis Therapeutics Inc. (NASDAQ: PTI) both priced their IPOs on Wednesday and shares began trading Thursday morning.
Proteostasis priced its IPO at $8.00 per share, well below the expected price range of $12 to $14. The company also raised the number of shares on offer from a planned 3.85 million to 6.25 million. In its amended Form S1 filed on Wednesday, the company noted that existing principal shareholders had indicated an interest in purchasing up to $30 million in the IPO. There is no indication whether that occurred. Proteostasis is a biopharmaceutical company developing novel therapeutics to treat diseases caused by an imbalance in the proteostasis network. The bad news is that shares plummeted after trading began, falling more than 33% to a low of $5.28.
AveXis is a clinical-stage gene therapy company developing and commercializing novel treatments for rare and life-threatening neurological genetic diseases. On Wednesday the company priced the shares at $20, the mid-point of an expected range of $19 to $21 and offered 4.75 million shares for sale, up from a prior quantity of 4.25 million. Shares opened in the late morning at $17.26, down nearly 14%.
Four companies that had been chasing IPOs have given up for now. Shimmick Construction postponed its IPO on Tuesday, as did OTG EXP. Advanced Disposal Services postponed its scheduled offering on Wednesday, and Nordic Realty Trust, a real estate investment trust (REIT), postponed on Monday.
Two companies that have tried before and appear to still be looking for their chances this week are Mapi-Pharma and Advanced Inhalation Therapies, both Israel-based companies in the health care sector.
The Modern Investment App For a Richer Tomorrow (Sponsored)
Robinhood set out to democratize investing to individuals, and it’s not slowing down. The app makes it possible to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
With FDIC insurance ,an award winning design, and benefits like IRAs and more, Robinhood could be your path to a richer tomorrow.
Sign up today — click here to start your journey.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.