Ebb & Flow

Judging from the equity market's appetite for new paper last week, Wall Streeters are attempting to get into shape for their summer at the beach. The calorie counting resulted in only three of the four hoped-for IPOs getting out, and the ones that did were significantly watered down.

The three done deals - Alnylam (ALNY), Acadia (ACAD) and Critical Therapeutics (CRTX) - came in with post-money valuations below $170 million - more than $100 million below the $281 million average post-money for U.S. companies before last week. Meanwhile, infectious disease play Inhibitex got pushed into the coming weeks. ...