Ebb & Flow
January is a big month for IPOs coming off lockups. By Ebb & Flow's count, 18 biotech companies that sold IPOs in 2000 will have about 314.4 million shares become eligible for trading this month (see "Unshackled").Historically, biotech companies have about a 50:50 chance of trading down on the news. But with NASDAQ's woes, only 2 of the 18 remain above their IPO prices, so the odds may not be so favorable. For example, Pain Therapeutics (PTIE) was caught in the equity sell-off last week. The shares fell $5 (34 percent) to $9.875, compared to its July IPO price of $12, when the company raised $60 million. On Tuesday, 21 million shares, 81 percent of PTIE's shares outstanding, are scheduled to come off lockup.