Uber wasn’t last week’s only IPO

There were as many biotech IPOs as there were days last week, and despite some unenviable timing when it comes to the U.S.-China trade talks, everything largely went well.

On average, last week’s biotech debutantes traded up roughly 9%, led by the Alzheimer’s disease-focused Cortexyme, which closed the week up more than 40%. On the other end, the Flagship Pioneering-founded Axcella Health fell 30% in its first two days of trading.

The busy week fell in line with what has been a modestly positive 2019 for drug developers trying to go public. Among the year’s 15 IPOs, the average is up 8.5% and the median has provided a 5.5% return. The next big test will come in the form of Codiak Biosciences, Peloton Therapeutics, and Bicycle Therapeutics, a trio of richly valued private companies expected to go public in the coming weeks.