While investors in NASDAQ-listed biotech IPOs have made quick paper gains, European biotech flotations are also providing investors with an opportunity to make a quick profit.

Of the 11 European IPOs that have priced since May, nine traded up on their first day and remain up through last Friday (see "European IPO Moves"). While the gains pale slightly in comparison to the internet-like pops of their U.S.-listed counterparts, some of the post-float moves are substantial, with companies continuing to rise in the aftermarket. In the U.S., 58 percent of the IPOs had lost at least a portion of their first day gains over time (see Ebb & Flow, July 31). In Europe, 54 percent of companies have built on their first day gains.

Leading the pack is GPC Biotech (NMarkt:GPC), which has seen its price rise E23.50 (98 percent) to E47.50 since floating in May. The genomics cancer company has a market cap of E803 million ($742 million). In Zurich, Modex (SWX:MDXN) has gained CHF107 (64 percent) to CHF275 since its June IPO. The tissue regeneration company's market cap now stands at CHF354 million ($210 million).