Four more biotech IPOs reach the market, but no big first-day pop in the bunch

Among four new biotech listings Friday, three priced upsized IPOs that each delivered more than $200 million in proceeds, but none of the quartet enjoyed the kind of satisfying first-day pop other biotechs have had in recent weeks.

All four raised more than was suggested by the terms they originally proposed, and three had already revised their terms upward, reflecting continued demand for biotech IPOs in the current market. Only one, Inozyme Inc. (NASDAQ:INZY), had a share price increase in the double digits, and even then it took rounding to get the stock move to 10%. That’s well shy of the triple-digit first-day gains for recent listings such as Nkarta Inc. (NASDAQ:NKTX) and Berkeley Lights Inc. (NASDAQ:BLI); many others have posted gains in the high double digits (see “Nkarta’s IPO”; “Massive Haul”)...