3 biotechs and a real estate finance company went public today. Only one won.


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Verve Therapeutics closed at $ 31.92, up 68% from its asking price.

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Three biotech companies and a mortgage lender listed their shares on Thursday.

Verve Therapeutics,

Lyell Immunopharma®,

and

iProbe

opened on Nasdaq.

Angel Oak mortgage

traded on the New York Stock Exchange.

Of the four, only Verve (ticker: VERV) won in the aftermarket. The stock started at $ 30, hit a high of $ 33.96, and closed at $ 31.92, up 68% from the offering price.

The Cambridge, Massachusetts-based biotech is also the only company expanding the scope of its business and pricing above the expected range. It raised about $ 267 million late Wednesday after selling around 14 million shares at $ 19 each. It had applied to offer 11.8 million shares at $ 16 to $ 18 each.

Verve develops therapeutics for the treatment of cardiovascular diseases. Its lead product candidate, VERVE-101, is a gene-editing drug that aims to improve the liver’s ability to remove LDL-C, which is considered bad cholesterol, from the blood. The company plans to file a review application for a new drug for VERVE-101 with the Food and Drug Administration next year, the prospectus says.

Lyell Immunopharma (LYEL) also started trading. Shares opened at $ 18.75, peaked at $ 18.90 and closed at $ 16.89, 11 cents from the IPO price. This makes Lyell what is known as a broken deal.

The lackluster feat came after Lyell raised approximately $ 425 million. The company sold 25 million shares at $ 17 each, the midpoint of its $ 16-18 price range.

The biotech company, based in South San Francisco, California, is developing T-cell therapies for the treatment of solid tumor cancer and plans to submit new drug submissions for four product candidates to the FDA by the end of 2022, according to a prospectus. One, LYL797, is designed to fight non-small cell lung cancer and triple negative breast cancer. LYL797 could spread to other cancers, including hormone receptor positive (HR +) breast cancer, ovarian cancer, and other solid tumors, the prospectus said.

iSpecimen (ISPC) also fell below its IPO price. The stock started at $ 6.27, peaked at $ 7.45, and ended Thursday at $ 7.15, a drop of nearly 11% from the offering price.

Late Wednesday, iSpecimen, which provides tools for the biotech industry, raised $ 18 million. It sold 2.25 million shares at $ 8 each, the lowest of its $ 8-10 price range.

The company, which operates out of Lexington, Massachusetts, aims to create an “Amazon-like” marketplace that connects scientists with patients, human biosamples and data they need for research, according to a prospectus. It currently offers Covid-19 samples, including residual swabs, sera, and plasma, for use by researchers.

Angel Oak Mortgage (AOMR) stock opened at a high of $ 18.75 and closed at $ 18.65, a decrease of 1.8% from the offer price.

Angel Oak raised $ 137 million, which was less than expected. It had applied to offer 8 million shares at $ 20 to $ 21, but ended up selling 7.2 million shares at $ 19 each.

The Canada Pension Plan Investment Board is buying approximately $ 40 million worth of Angel Oak shares, it said in a statement.

Founded in 2018, Angel Oak is a real estate finance company focused on buying and investing in mortgage loans and other mortgage-related assets. The Atlanta-based company, backed by investment manager Angel Oak Capital Advisors, will operate as a real estate investment trust, the prospectus says.

Write to Luisa Beltran at [email protected]


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