IPO’s taking centerstage (VIAO,GRAY,OPRH,PMVP,PRLD)

We have 5 IPOs coming to the market today. Still, it looks like it could be a turbulent day with futures falling hard this morning. Where is that coming from you ask? In the news, this morning, the overnight drop in the market seems to be in response to doubt that a new fiscal stimulus bill will pass congress.

So this is the market that these IPOs come into the market today. Let’s get into them below.

IPO debuting today

VIA Optronics (VIAO)

Via optronics is a maker of specialized high-end displays. They are a Chinese company which brings with it its own risks of geopolitical instability.  however it does have a 20 million dollar private placement on this deal from Corning research and development. that said it’s not yet profitable (but close) and it did take a hit during covid-19 and it’s one underwriter doesn’t really have a track record of bringing deals to Market in the US. I would exercise caution on this one as they are bringing a full-sized 6.25 million shares to Market at $15 which is the low end of their range.

Graybug Vision (GRAY)

Gray is a Clinical-stage biopharmaceutical company focused on treating diseases of the retina and optic nerve. Their leading candidate GB 102, is in Phase 2 trials at the moment. They have an additional exclusive license to 5 Pat and families from John Hopkins. existing shareholders include Deerfield partners, Orbimed partners and Claris Lifesciences. The deal appears to be oversubscribed at the moment and this is demonstrated by increasing their offering from 4.7 million shares to 5.625 while pricing at $16 which is the midpoint of their range.  This one has me interested but I need to see continued strength.

Orphazyme (ORPH)

Orphazyme is not a typical IPO as they already have shares on the Nasdaq in Copenhagen. That said they are a late Stage biopharmaceutical Company focused on treating neurodegenerative diseases.This company’s new drug application was accepted by the US FDA Fritz lead product candidate earlier this September. then tend to have phase 3 results in the first half of 2021.  I’m not aware of any collaborations or licenses. I do like the underwriting lineup for this one but I think the upside is going to be capped as it’s already traded elsewhere. I’m not too interested in this one at the moment. They will likely price around $12 a share.

Pmv Pharmaceuticals (PMVP)

Pmv is a biotech focused on oncology. Their lead underwriter is Goldman Sachs which as most of you know is it positive. Their lead drug candidate will be entering phase 1/2 clinical trials in the second half of 2020. From looking at the prospectus there’s no collaborations or license  agreements but notable shareholders include Interwest partners  and OrbiMed. they have a management team that is highly regarded including their CEO it was previously a VP at EOS biotech. This demand for this one is certainly present with them electing to upsize they’re offering from 7.4 million shares to 11.8 million shares and pricing at $18 which is the top of their range.  Continued strength in there debut would have me wanting to get in. 

Prelude Therapeutics (PRLD)

Prelude Therapeutics is a clinical-stage oncology-focused biotech company. They have strong Underwriters and Morgan Stanley, Goldman Sachs and  Bank of America. They also have an extensive pipeline of drug candidates. 6 in fact with 3 and Phase 1 With two of those candidates showing preclinical results. They don’t currently have any licenses or collaborations but a notable shareholder includes Orbimed and Baker Brothers. Demand seems to be there for this one as well bring the full-sized 8.3 to 5 million shares at  $19 which is at the top of their range. 

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