Additionally, the once red-hot pharmaceutical space in the IPO market has cooled off dramatically, as illustrated by Gamida Cell's (GMDA) weak pricing, and the postponement of Alzheon's (ALZH) IPO. The poor conditions haven't completely shut down the IPO market yet, as evidenced by the handful of deals scheduled to launch this week. All of these are healthcare related so we will see whether the healthcare sector can regain its swagger.
Generally speaking, this is also typically one of the busiest times of the year for IPOs. So, the market pull-back is a significant threat for investment banks that generate a substantial portion of underwriting fees during this time. Unless conditions clearly brighten, many companies looking to go public may delay their plans until they are confident enough that the markets will be supportive of their stocks.
Monday, October 29:
- No IPOs expected.
Tuesday, October 30:
- Eton Pharmaceutical (ETON): The specialty pharmaceutical company focused on developing products that currently are not approved in unmet patient needs is expected to price its 3.0 million share IPO at $6.
Wednesday, October 31:
- Orchard Rx (ORTX): The commercial-stage biopharmaceutical company focused on treating life-threatening rare diseases is expected to price its 13.3 million share IPO within a range of $14-$16.
- Twist Bioscience (TWST): The synthetic biology company developing a DNA-synthesis platform to industrialize the engineering of biology is expected to price its 5.0 million share IPO within a range of $14-$16.
Thursday, November 1:
- Axonics Modulation Technologies (AXNX): The medical technology company developing minimally-invasive sacral neuro-modulation solutions is expected to price its 6.7 million share IPO within a range of $14-$16
Friday, November 2:
- No IPOs Expected.
Week of October 29:
- BankFlorida (BFL): The Florida-state chartered community bank based in Palm Beach Gardens, FL is expected to price its 6.2 million share IPO within a range of $10-$11.