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Investing

Castlight, Achaogen, Dipexium, Galmed: The Week’s IPOs

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By Paul Ausick Updated Published
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IPO

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Of four initial public offerings (IPOs) last week, three were pharmaceutical firms and one was a software company that makes a product related to healthcare. Medicines and healthcare remain the strongest sectors for IPOs so far this year.

Castlight Health Inc. (NYSE: CSLT) was easily the most anticipated and the most successful of of the IPOs. The healthcare software provider sold 11.1 million class B shares at $16 a share, much higher than the original expected range of $9 to $11 and above a Tuesday revision that raised the range to $13 to $15 a share. Friday’s IPO raised net proceeds of around $161 million based on the IPO price. Shares closed at $39.80, up 148.75% from the IPO price. The shares reached as high as $41.95 a share early in the day.

Achaogen Inc. (NASDAQ: AKAO) priced its Wednesday IPO of 6 million shares at $12 a share, the low end of its expected range. The development stage drug company is working on antibiotics to treat drug-resistant infections. Shares jumped 19% on Wednesday, closing at $14.31 and have since added nearly an additional $2 a share to close at $16.16 on Friday. While that was down 1.1% from Thursday, the shares ended the week up nearly 35% from the IPO.

Dipexium Pharmaceuticals Inc. (NASDAQ: DPRX) held its IPO on Thursday after pricing 2.75 million shares at $12 a share, again the low end of its expected range. Dipexium is a late-stage biopharma that is developing a treatment for mild infections of diabetic foot ulcers. Shares closed at $14.04 on the first day of trading, but lost more than 4.5% on Friday to close at $13.40.

Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) priced its Thursday IPO at $13.50 a share for 2.84 million shares, slightly above the mid-point of its expected range of $12 to $14 a share. Galmed is a clinical-stage biopharmaceutical company that is developing a once-a-day oral therapy for treatment of liver diseases and cholesterol gallstones. Shares closed at $14.31 on Thursday and rose nearly 2.4% to close at $14.65 on Friday. The stock price peaked at $18.73 on Thursday.

Contact [email protected] for any questions or corrections.

Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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