Oyster Point, RAPT post gains after pricing IPOs at low end of range

Investors’ appetite for new biotech listings has shown signs of waning this fall, but Oyster Point and RAPT managed to price NASDAQ IPOs within expectations ahead of Thursday’s session, and each posted gains in the early aftermarket.

Both companies sold their proposed numbers of shares at the bottom end of their ranges. The deals come as enthusiasm has cooled somewhat for new biotech offerings; two large offerings this month by Vir Biotechnology Inc. (NASDAQ:VIR) and BioNTech SE (NASDAQ:BNTX) stumbled out of the gate as a host of companies in the queue assess market conditions (see “Weakness Adds to Skittishness for IPO Queue”)...