A smaller apple

Even though Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR) pitched its IPO as a profitability play, the metabolic company had to lower its expectations at the last minute. The deal priced last Friday - selling more shares at a much lower price than previously expected.

The biotech sold 5 million shares at $9.50, rather than the 4.7 million at $14-$16 it had anticipated. The new price raised $47.5 million and valued the company at $160.1 million. A $15 price would have raised $70 million and valued Aegerion at $230.8 million...