9:46 PM
Jun 20, 2018
 |  BC Extra  |  Financial News

Four companies in IPO quintet post first-day gains

Four of the five biopharmas that priced IPOs late Wednesday posted gains on Thursday. Cell therapy company Avrobio Inc. (NASDAQ:AVRO) had the biggest first-day bump, climbing $12.20 (64%) to $31.20, while three others posted double-digit gains.

The five raised a total of more than $460 million. Four of the five upsized their offerings to sell more shares than anticipated; one of those, Avrobio, also priced above its proposed range.

Avrobio raised $99.7 million through the sale of 5.2 million shares at $19. The price valued Avrobio at $439.8 million. The company had planned to sell 4.4 million shares at $16-$18. Underwriters are Morgan Stanley, Cowen, Wells Fargo and Wedbush PacGrow.

Avrobio is developing a pipeline of CD34+ hematopoietic stem cell therapies that are...

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