Not every biotech IPO is going well
It has been a red-letter year for biotech IPOs, what with more than $4 billion raised and an average return of about 25 percent. But one recent debutante, despite blue-chip backing and nothing resembling bad news, has fallen out with the pack.
Neon Therapeutics is down 55 percent since its June IPO, steadily sliding each day before crashing another 10 percent yesterday. The company, at work on cancer vaccines meant to work alongside immunotherapy, hasn’t announced any major news since going public. It hasn’t been rendered irrelevant by some competitor or swept up in a wave of negative sector-wide sentiment, as the above statistics illustrate.
And Neon’s swoon comes despite an enviable pedigree. Among its founders is famed cancer researcher James Allison; its biggest VC investor is the well-regarded Third Rock Ventures; and its board includes the Broad Institute's Eric Lander.
Sometimes, even in biotech, stocks just go down.
Neon Therapeutics is down 55 percent since its June IPO, steadily sliding each day before crashing another 10 percent yesterday. The company, at work on cancer vaccines meant to work alongside immunotherapy, hasn’t announced any major news since going public. It hasn’t been rendered irrelevant by some competitor or swept up in a wave of negative sector-wide sentiment, as the above statistics illustrate.
And Neon’s swoon comes despite an enviable pedigree. Among its founders is famed cancer researcher James Allison; its biggest VC investor is the well-regarded Third Rock Ventures; and its board includes the Broad Institute's Eric Lander.
Sometimes, even in biotech, stocks just go down.
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