A successful IPO and a biotech company to watch 

This year’s class of biotech IPOs hasn’t always received the warmest reception once shares hit the open market. But the latest, Turning Point Therapeutics, jumped nearly 60% on its debut, a sign investors might be reading into recent industry history.

As STAT’s Matthew Herper observes, Turning Point’s efforts to treat cancer are similar to those of Ignyta and Loxo Oncology, two companies that sold for billions of dollars over the past two years.

Like its predecessors, Turning Point is developing drugs for common cancers with rare mutations. Its lead treatment, repotrectinib, targets lung cancer that has become resistant to earlier lines of therapy. If it all works out, the thinking goes, Turning Point could be next in line for a high-dollar takeout.

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