Arcutis gains in this year’s third biotherapeutic IPO on NASDAQ

The aftermarket performance of two IPOs in January’s final week suggests investors’ appetite for new biotech listings remains robust.

In NASDAQ’s third biotherapeutic IPO of the year, dermatology company Arcutis Biotherapeutics Inc. (NASDAQ:ARQT) raised $159.4 million through the sale of 9.4 million shares at $17, valuing the company at $622.7 million...