Today’s IPO from Complete Genomics (GNOM) brings the US biotech IPO list to 17 since the latest window opened up back in August 2009. The Complete Genomics IPO makes it two in a row for DNA sequencing companies hitting the Nasdaq, with Pacific Biosciences (PACB) debuting just 10 trading days ago.
Once again, however, we see the IPO price come in below the expected price: Complete Genomics priced its initial public offering of stock at $9 , below a range of $12 to $14 the company had expected. This has happened to the majority of biotech stock offerings, with the average drop from expected pricing at -28% . Overall performance for IPOs in the sector has remained lackluster except for the jump in AVEO shares, now 80% above the IPO price. (AVEO regained rights to a cancer antibody from Merck at the end of September.)
Internationally, there have also been 17 IPOs (see table below). There are now 28 IPOs on deck, with 17 of those filing in the US.