ARTICLE | Finance

Lexeo cuts IPO price, becomes latest to lose value in first session

With gene therapy company’s dip Friday, seven of 10 major 2023 NASDAQ biotech listings have now traded down in the aftermarket since pricing

November 3, 2023 8:36 PM UTC

After pricing below expectations, shares of clinical gene therapy developer Lexeo drew tepid investor demand in the company’s first trading day on NASDAQ Friday, making the biotech the latest 2023 listing to fall below its IPO valuation.

Of the 10 biotechs that have raised at least $25 million in NASDAQ offerings this year, just three have gained value in the aftermarket thus far: RayzeBio Inc. (NASDAQ:RYZB), Apogee Therapeutics Inc. (NASDAQ:APGE) and Structure Therapeutics Inc. (NASDAQ:GPCR), with the last delivering the strongest return by far...