BioCentury
ARTICLE | Financial News

LogicBio joins PhaseBio, Osmotica in missing IPO price target

October 26, 2018 5:01 PM UTC

LogicBio Therapeutics Inc. (NASDAQ:LOGC) priced its IPO below its proposed range late Oct. 18, joining two other biotechs that missed their target price the week of Oct. 15. But shares of the genome editing company jumped $1.90 (19%) to $11.90 on Oct. 19, the stock’s first day of trading.

LogicBio raised $80.5 million through the sale of 8.1 million shares at $10. The figure includes a 1.1 million share overallotment and values the company at $229.9 million. The company had hoped to sell 5.8 million shares at $12-$14. At the $13 midpoint, LogicBio would have raised $75 million for a valuation of $269.2 million. Underwriters comprise Jefferies, Barclays, William Blair and Chardan. ...