Lucira Health is one of seven biotech or health-care-related companies opening for trading Friday.
Courtesy of Lucira
Biotechnology companies continue their race to the public equity markets. Seven companies, all in the biotech or health-care space, are making their trading debuts Friday. First out of the gate was Vor Biopharma, whose shares rocketed more than 100%, while Bolt Biotherapeutics stock also surged.
Of the seven companies trading Friday, six increased the size of their deals. They include Vor, Bolt, Immunocore Holdings, Lucira Health, Terns Pharmaceuticals, and Pharvaris. Only Angion Biomedica didn’t boost its offering, although the company did price at the top of its expected price range. None of the companies opening Friday are profitable, and all are trading on the Nasdaq.
The flock of biotechs making their debuts follows a trio of biotechs—Sana Biotechnology (SANA), Landos Biopharma (LABP), and Sensei Biotherapeutics (SNSE)—that traded Thursday to differing results. Sana stock rose 40% in its first day, while shares of Sensei and Landos both dropped below their offer prices.
“Over the last year, the average return on 115 health-care companies (mostly biotech) that went public was plus-88%. That is why we are seeing so many more of them,” said Kathleen Smith, a principal of Renaissance Capital, in an emailed response to questions.
Vor Biopharma (ticker: VOR) was one of the first of Friday’s group to begin trading. The cell-therapy company is developing treatments for patients suffering with hematological malignancies.
Shares hit a high of $46.22, more than double its $18 offer price. The stock recently changed hands at $37.18, up nearly 107%.
The Cambridge, Massachusetts company collected nearly $177 million after selling about 9.8 million shares at $18 each—up from 8.8 million shares that Vor planned to sell at $16 to $18 each.
Meanwhile, shares of Bolt (BOLT) opened at $26.10 on Friday and surged to a high of $27.91. The stock recently changed hands at $24.05, up 20.23%. The company, based in Redwood City, California, is developing tumor-targeted therapies to treat cancer.
Late Wednesday, Bolt raised $230 million, selling 11.5 million shares at $20 each. It had increased its offering earlier this week to 10.5 million shares in a range of $18 to $19, after initially filing to sell 8.825 million at $16 to $18.
Immunocore Holdings (IMCR)—which is developing T-cell therapies to treat a broad range of diseases, including cancer and infectious and autoimmune diseases—saw its stock rise nearly 85% in its market debut. Shares opened at $41 and peaked at $47.99. The stock recently changed hands at $47.25, up nearly 82%.
The U.K. company raised $258.3 million after selling about 9.9 million American depositary shares at $26 each—up from the 8.3 million shares at $23 to $25 that it had planned to offer.
Shares of Lucira Health (LHDX), the only company trading Friday that isn’t a biotech, rose as much as 41% after opening at $22.10. The stock recently changed hands at $22.24, up nearly 31%.
The medical technology company collected $153 million after selling 9 million at $17 each, up from the 7.8 million shares at $15 to $17 it had planned to offer.
Lucira develops consumer-friendly, single-use test kits for respiratory diseases, like Covid-19 and other illnesses. It has produced the Lucira COVID-19 All-In-One Test Kit, which is powered by two AA batteries, fits in the palm of a hand and provides results in 30 minutes, a prospectus said.
Terns (TERN) also opened Friday, with the stock launching at $16.95, below its $17 offer price. It recently traded at $17.37, up 2.18%. The Foster City, California company raised $127.5 million after selling 7.5 million shares at $17 each. It had planned to sell 6.25 million at $15 to $17.
Terns is developing small-molecule, single-agent, and combination therapies to treat nonalcoholic steatohepatitis, or NASH, and other chronic liver diseases.
Pharvaris N.V. (PHVS) rose as much as 50% in its first day. Shares opened at $25, surged to a high of $29.91, and recently traded at $28.18, a near 41% gain.
Pharvaris collected $165.4 million after selling 8.27 million shares at $20. The company had planned to offer 6.95 million shares at $17 to $19. The Netherlands-based company is developing therapies for rare diseases.
Lastly, shares of Angion Biomedica (ANGN) opened at $17.62 and peaked at $18.99. The stock recently changed hands at $17.63, up 10.2%.
Angion is developing small-molecule therapeutics to treat acute organ injuries and fibrotic diseases. Its lead product candidate, ANG-3777, is used to treat acute kidney injury and injuries to other major organs, a prospectus said.
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