Dova rises, Aileron sinks after NASDAQ listings

Rare disease company Dova Pharmaceuticals Inc. (NASDAQ:DOVA) and oncology play Aileron Therapeutics Inc. (NASDAQ:ALRN) each began trading Thursday after pricing IPOs.

Dova gained $2.81 (17%) to $19.81 after raising $75.1 million through the sale of 4.4 million shares at $17 in an IPO underwritten by JPMorgan, Jefferies and Leerink. The offering values the company at $418.8 million. Last week, the company filed to sell 4.1 million shares at $15-$17. At the $16 midpoint, a sale of that many shares would have raised $65 million and valued Dova at $394.2 million...