U.S. markets closed
  • S&P 500

    3,841.94
    +73.47 (+1.95%)
     
  • Dow 30

    31,496.30
    +572.16 (+1.85%)
     
  • Nasdaq

    12,920.15
    +196.68 (+1.55%)
     
  • Russell 2000

    2,192.21
    +45.29 (+2.11%)
     
  • Crude Oil

    66.28
    +2.45 (+3.84%)
     
  • Gold

    1,698.20
    -2.50 (-0.15%)
     
  • Silver

    25.30
    -0.17 (-0.65%)
     
  • EUR/USD

    1.1916
    -0.0063 (-0.52%)
     
  • 10-Yr Bond

    1.5540
    +0.0040 (+0.26%)
     
  • GBP/USD

    1.3834
    -0.0060 (-0.43%)
     
  • USD/JPY

    108.3600
    +0.3840 (+0.36%)
     
  • BTC-USD

    50,662.95
    +3,183.09 (+6.70%)
     
  • CMC Crypto 200

    982.93
    +39.75 (+4.21%)
     
  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     
  • Nikkei 225

    28,864.32
    -65.78 (-0.23%)
     

Castlight, Achaogen, Dipexium, Galmed: The Week’s IPOs

Paul Ausick

Of four initial public offerings (IPOs) last week, three were pharmaceutical firms and one was a software company that makes a product related to healthcare. Medicines and healthcare remain the strongest sectors for IPOs so far this year.

Castlight Health Inc. (NYSE:CSLT) was easily the most anticipated and the most successful of of the IPOs. The healthcare software provider sold 11.1 million class B shares at $16 a share, much higher than the original expected range of $9 to $11 and above a Tuesday revision that raised the range to $13 to $15 a share. Friday’s IPO raised net proceeds of around $161 million based on the IPO price. Shares closed at $39.80, up 148.75% from the IPO price. The shares reached as high as $41.95 a share early in the day.

ALSO READ: Nine Retailers Closing the Most Stores

Achaogen Inc. (AKAO) priced its Wednesday IPO of 6 million shares at $12 a share, the low end of its expected range. The development stage drug company is working on antibiotics to treat drug-resistant infections. Shares jumped 19% on Wednesday, closing at $14.31 and have since added nearly an additional $2 a share to close at $16.16 on Friday. While that was down 1.1% from Thursday, the shares ended the week up nearly 35% from the IPO.

ALSO READ: Low P/E High-Dividend Blue Chip Leaders to Buy Now

Dipexium Pharmaceuticals Inc. (NASDAQ:DPRX) held its IPO on Thursday after pricing 2.75 million shares at $12 a share, again the low end of its expected range. Dipexium is a late-stage biopharma that is developing a treatment for mild infections of diabetic foot ulcers. Shares closed at $14.04 on the first day of trading, but lost more than 4.5% on Friday to close at $13.40.

ALSO READ: America’s Most Content (and Miserable) States

Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) priced its Thursday IPO at $13.50 a share for 2.84 million shares, slightly above the mid-point of its expected range of $12 to $14 a share. Galmed is a clinical-stage biopharmaceutical company that is developing a once-a-day oral therapy for treatment of liver diseases and cholesterol gallstones. Shares closed at $14.31 on Thursday and rose nearly 2.4% to close at $14.65 on Friday. The stock price peaked at $18.73 on Thursday.

Related Articles