The IPO train rolls on

On Friday, we talked about how NGM Biopharmaceuticals, 2019’s first biotech IPO seeking a $1 billion valuation, traded down on its debut, which is arguably not the strongest sign for companies hoping to go public this year.

But in the days since, Trevi Therapeutics has filed to raise $86 million to fund its work on medicines for itch and cough, and Turning Point Therapeutics set terms for a $125 million IPO that would support its work with targeted cancer treatments.

Only nine biotech companies have gone public in 2019, owing in part to the federal shutdown that made doing so impossible for much of the first quarter. But returns have been solid: On average and at the median, those offerings are up about 10 percent.