Three new U.S. IPOs serve as a reminder there is no penalty for not investing in an early stage story that lacks near-term milestones - and investors know it.

Intercept Pharmaceuticals Inc. and Kythera Biopharmaceuticals Inc., both of which have lead products in pivotal testing, priced bumped-up deals at the top ends of their proposed price ranges on Thursday, then closed the day up more than 20%.