initial public offerings (IPOs) trading on American exchanges

Tuesday, March 29, 2016

Wednesday, March 23, 2016

Corvus Pharmaceuticals (CRVS) began trading on the Nasdaq on 23 March 2016

Today's IPO for Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) opened for trading at $15 after pricing its initial public offering of 4,700,000 shares of its common stock at an initial public offering price of $15 per share, the low end of the expected $15-$17 range. In addition, the underwriters have a 30-day option to purchase up to an additional 705,000 shares of common stock at the initial public offering price, before underwriting discounts and commissions.

The offering is expected to close on March 29, 2016, subject to the satisfaction of customary closing conditions.

Credit Suisse Securities (USA) and Cowen and Company are acting as joint book-running managers for the offering. Guggenheim Securities is serving as lead manager, and Cantor Fitzgerald & Co. and BTIG are serving as co-managers for the offering.

Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that target the immune system to treat patients with cancer. These agents block or modify crucial immune checkpoints and reprogram immune T cells.

Monday, March 21, 2016

Markit (MRKT) mergered with IHS Inc. to form IHS Markit (INFO)

  • Markit (MRKT) mergered with IHS Inc. to form IHS Markit (INFO). (3/21/16)

Friday, March 18, 2016

Michaels Stores (MIK) reported earnings Thur 17 March 2016 (b/o)

** charts after earnings **

 Michaels Stores beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY17 EPS in-line; announces $200 mln buyback :
  • Reports Q4 (Jan) earnings of $0.87 per share, $0.03 better than the Capital IQ Consensus of $0.84; revenues rose 4.6% year/year to $1.68 bln vs the $1.65 bln Capital IQ Consensus.
    • Comparable store sales increased 3.1%, or 4.7% on a constant currency basis.
    • As a percent of sales, gross profit decreased 30 basis points to 40.9% compared to 41.2% in the fourth quarter of fiscal 2014. The decline was driven by clearance activity as part of ongoing department resets; the negative impact of foreign exchange rates; a shift in sales mix; and investments to improve the in-store environment. The decrease was partially offset by improved sourcing and pricing efficiencies. 
  • Co issues downside guidance for Q1, sees EPS of $0.34-0.36 vs. $0.38 Capital IQ Consensus; comps +1.9-2.4%.
  • Co issues in-line guidance for FY17, sees EPS of $1.88-1.96 vs. $1.92 Capital IQ Consensus; total sales including Lamrite West +8-9%; comps +2.2-2.7%. 
  • The Company expects that the integration of Lamrite West will create near-term pressure on operating margin in fiscal 2016, reflecting the timing of profit recognition of the product Michaels procures through Lamrite West; the incorporation of the wholesale business, which has a lower gross margin rate than the Michaels business; and additional investments needed to integrate and enhance combined capabilities.
  • Board of Directors has authorized the Company to purchase, from time to time, as market conditions warrant, $200 million of the Company's common stock.

Tuesday, March 15, 2016

The Fresh Market (TFM) to be sold to Apollo Global Management (APO)

New York-based private equity firm Apollo Global Management has agreed to purchase The Fresh Market for $1.36 billion, the two companies said Monday.

News of the deal follows weeks of speculation about which of a number of suitors may end up acquiring Greensboro, N.C.-based The Fresh Market (Nasdaq: TFM), a specialty grocery retailer with nearly 200 stores in 27 states.

Among those said to have an interest in The Fresh Market was Cincinnati-based Kroger, with word leaking on Feb. 10 that Kroger was in the second round of an auction process that also attracted other companies and private equity firms. Kroger (NYSE: KR) is the nation’s largest operator of traditional supermarkets.

The cash tender offer puts a value on the company of $28.50 per share, or about 24 percent above what shares closed at last Friday, and more than 50 percent above what they were trading at in early February when speculation began that The Fresh Market might be sold.

The deal with Apollo was approved unanimously by The Fresh Market's board of directors, though Ray Berry, who founded the grocery retailer in 1982 and serves as chairman, recused himself from board discussions about the deal and from the vote on Apollo's offer.

Additionally, The Fresh Market can solicit alternative acquisition proposals through April 1.

The sale of The Fresh Market comes nearly six years after a 2010 initial public offering that was part of the company's plans to aggressively expand nationwide. At the time The Fresh Market went public, it had 95 stores in 19 Eastern and Midwestern states.

Record sales in 2011 were followed by further westward expansion in 2012, a year when the company said it planned to open 16 stores including an entry into California.
By late 2012, shares of The Fresh Market hit a peak of more than $62 and the Berry family and top executives had significantly reduced their stake in the company, with the sale in the middle of that year of a combined 10 million shares.

Friday, March 11, 2016

Editas Medicine (EDIT) began trading on the Nasdaq on 3 Feb 2016

Editas Medicine is a clinical stage genome editing company. The company is a leader in the nascent field of direct gene editing using CRISPR/Cas9 which has the potential to cure many inherited diseases.
  • Sector: Healthcare
  • Industry: Biotechnology
  • Full Time Employees: 208
  • Founded in 2013 
  • Headquartered in Cambridge, Massachusetts.
Editas priced 5.9M shares at $16, bottom of indicated range of $16-18.

Veeva Systems (VEEV) (3/16)

Thursday, March 3, 2016

Syndax Pharmaceuticals (SNDX) began trading on Nasdaq on 3 March 2016

  • Syndax Pharmaceuticals is a cancer-focused biotechnology company.
  • IPO issue price of $12.
  • Syndax sold 4.4 million shares to raise $52.8 million. 
  • The company had previously set a price range of $14 to $16. Morgan Stanley, Citigroup, JMP Securities and Oppenheimer were the underwriters for the offering.

monthly; Dec 2016; 9 months after IPO

March 2017; 1 year after IPO


Syndax Pharmaceuticals, Inc (Syndax) is a clinical stage biopharmaceutical company focused on developing a pipeline of combination therapies in multiple cancer indications. The Company’s product candidate, entinostat, which was granted Breakthrough Therapy designation by the FDA following positive results from its Phase IIb clinical trial, ENCORE 301, is being evaluated in a Phase III clinical trial for advanced hormone receptor positive breast cancer. It is developing entinostat, which has direct effects on both cancer cells and immune regulatory cells, and SNDX-6352, an anti-CSF-1R monoclonal antibody, to enhance the body's immune response on tumors that have shown sensitivity to immunotherapy. Entinostat is being evaluated as a combination therapeutic in Phase Ib/II clinical trials with Merck & Co., Inc. for non-small cell lung cancer and melanoma, with Genentech, Inc. for TNBC, and with Pfizer Inc. and Merck KGaA, Darmstadt, Germany, for ovarian cancer.


400 Totten Pond Rd Ste 110
WALTHAM, MA 02451-2040
United States 

Key stats and ratios

Q4 (Dec '16)2016
Net profit margin-3545.90%-3645.25%
Operating margin-3652.79%-3587.38%
EBITD margin--3580.08%
Return on average assets-38.26%-44.71%
Return on average equity-48.75%-

Samsonite confirms deal to buy Tumi (TUMI)

Samsonite International SA said Thursday it agreed to buy luxury luggage maker Tumi Holdings Inc. for about $1.8 billion. Samsonite will pay $26.75 a share, a 33% premium to Wednesday’s closing price of $20.13. The shares rose 30% to $26.20 on Thursday.

Tumi, based in South Plainfield, N.J., makes everything from rolling luggage to tablet cases and briefcases. It had its initial public offering in 2012. The company, founded in 1975, has more than 100 of its own stores and its products are also sold at high-end department stores and other retailers.

In 2015, Tumi’s sales increased 3.9% to $547.7 million.