Warm welcome for Aktis could open up IPO queue: Public Equity Report

NASDAQ’s first biotech IPO of 2026 was an auspicious sign among expectations that the year will bring a rebound for the sector. Demand was strong enough for Aktis to upsize its proposal ahead of the offering, price at the top of its range, and post a first-day gain of 24%, reflecting investors’ confidence in a radiopharma company that has yet to generate much clinical evidence.

Based on its proposed terms Monday, Aktis Oncology Inc. (NASDAQ:AKTS) was aiming to raise about $200 million, with shares selling for $16-$18. By midweek, it had boosted the number of shares in its proposal by 50%, suggesting an offering in the $300 million range; by pricing at $18 ahead of Friday’s session, the company raised $318 million at a postmoney valuation of $945.4 million. Factoring in Friday’s gains, Aktis finished the week with a market cap of about $1.2 billion...