24/7 Market News – Keep an eye on last week’s Biotech IPOs

Pliant Therapeutics (NASDAQ:PLRX) began trading Wednesday, followed by Legend Biotech (NASDAQ:LEGN) and Applied Molecular Transport (NASDAQ:AMTI) on Friday. Other companies mentioned – Emmaus Life Sciences (OTCQB: EMMA)

DENVER, Colo. – June 8, 2020 – The biotech IPO calendar kicked off last week when Pliant Therapeutics (NASDAQ:PLRX) began trading Wednesday, after pricing its initial public offering at $16 per share. All trading action, during the 3 sessions, has taken place between $21 and $26. The clinical stage biopharmaceutical company sold 9 million shares, 50% more than initial plan to issue just 6 million shares, to raise $144 million.

The week ended with Legend Biotech (NASDAQ:LEGN) and Applied Molecular Transport (NASDAQ:AMTI) (AMT) exceeding their initial pricing expectations.

Legend Biotech priced its initial public offering, of 18,425,000 American depositary shares (ADSs), each representing two ordinary shares, at $23.00 per ADS, for total gross proceeds of approximately $424 million. The global clinical-stage biopharmaceutical company, which is engaged in the discovery and development of novel cell therapies for oncology and other indications, traded between $35-40 on Friday and granted the underwriters a 30-day option to purchase up to an additional 2,763,750 ADSs at the public offering price, less underwriting discounts and commissions.

AMT expects to raise $154 million, less the underwriting discounts and commissions, for the 11 million Class A shares offered on Friday. The clinical-stage biopharmaceutical company traded between $26 and $17.15, after pricing of its common stock at $14.00 per share. Additionally, AMT granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the initial public offering price, less fees.

Emmaus Life Sciences (OTCQB: EMMA) (ELS), a leader in sickle cell anemia disease treatment, which didn’t IPO last week, continues to build on its recent operational updates, closed Friday’s session at $ 1.60 on just over 10,000 shares.

ELS switched from a contract sales organization to its own direct sales force, which started on January 1, 2020, and continues to build its internal sales and marketing capabilities. In the first quarter of 2020, Emmaus increased sales by 10% over the preceding quarter and 39% over the same quarter of the prior year.

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