The active market for biotech IPOs looks like it's going to continue in 2020.
The latest to go public, preclinical gene therapy biotech Beam Therapeutics (BEAM) upsized its share offering by 69%, priced at the high end of the range, and traded up 10% on its first day.
Four biotechs have IPO'd since the start of the year, averaging a total return of +34% (+53% for US biotechs). On the first day of trading, early-stage oncology biotech Black Diamond Therapeutics (BDTX) popped 108%, and Phase 3 dermatology biotech Arcutis Biotherapeutics (ARQT) gained 28%. Chinese immunotherapy biotech I-Mab (IMAB) is an outlier, trading down 11%.
The latest successes follow strong performances from 2019 biotech IPOs, but so far, biotechs in 2020...
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