2:10 PM
May 09, 2019
 |  BioCentury  |  Finance

Cortexyme’s first-day pop leads IPO quartet amid choppy market

How four IPOs helped push YTD tally from public market debuts well ahead of last year’s pace.

Editor's Note: This article was updated on May 10, 2019 at 4:39 PM PDT

Despite unsettled market conditions, a foursome of biotechs priced their IPOs within their proposed ranges ahead of first-day trading Thursday and helped push the year-to-date tally of money raised in public market debuts well ahead of last year’s pace. Coming during a week when escalating trade tensions between the U.S. and China have propelled indexes downward, the offerings will be closely watched by the bolus of companies in the IPO queue.

CNS company Cortexyme Inc. (NASDAQ:CRTX), immuno-oncology company NextCure Inc. (NASDAQ:NXTC) and cardiovascular company Milestone Pharmaceuticals Inc. (NASDAQ:MIST) all priced at the midpoint of their ranges ahead of Thursday’s session, while metabolic company Axcella Health Inc. (NASDAQ:AXLA) priced at the bottom end.

Cortexyme had the best first-day results, gaining 93% during the session, while NextCure was up 33%. Axcella slipped 31% on Thursday; Milestone was up 2%.

The four deals raised a total of $303.9 million and bring to 22 companies...

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