IPO roundup: Adaptimmune, CoLucid, OpGen, HTG
Cancer immunotherapy company Adaptimmune Therapeutics plc (NASDAQ:ADAP), migraine treatment developer CoLucid Pharmaceuticals Inc. (NASDAQ:CLCD), diagnostics company OpGen Inc. (NASDAQ:OPGN), and HTG Molecular Diagnostics Inc. (NASDAQ:HTMG) all lost ground in their first days of trading after going public this week.
Adaptimmune lost $1 to $16 in its first day of trading Wednesday after raising $191.3 million through the sale of 11.3 million ADSs at $17 in an upsized IPO underwritten by BofA Merrill Lynch; Cowen; Leerink; and Guggenheim Securities. The IPO price valued Adaptimmune at $1.2 billion. Adaptimmune said last month it hoped to sell 9.4 million ADSs at $15-$17. At 9.4 million ADSs and a midpoint of $16, it would have raised $150 million and been valued at $1.1 billion. The company is conducting Phase I/II studies of its lead candidate, an enhanced T cell receptor ( TCR) therapy targeting cancer/testis antigen 1B ( CTAG1B; NY-ESO-1), to treat solid tumors and hematologic malignancies. ...