initial public offerings (IPOs) trading on American exchanges

Monday, December 23, 2019

IPOs this week : Dec 23 - 27, 19

No new U.S. pricings are expected in the week ahead.

IPO lockup expirations

  • IPO lockups expire on Cambium Networks (NASDAQ:CMBM) on December 23; 
  • Change Healthcare (NASDAQ:CHNG), Bridgebio Pharma (NASDAQ:BBIO), Adaptive Biotechnologies (NASDAQ:ADPT), Morphic Holding (NASDAQ:MORF) on December 24 and 
  • The RealReal (NASDAQ:REAL) and Karuna Therapeutics (NASDAQ:KRTX) on December 26. 


Keep an eye on Bridgebio Pharma (+115% from IPO) and Karuna Therapeutics (+360%) in particular. Meanwhile, RealReal could ride out the lockup expiration in fine fashion with analysts still very bullish.

Tuesday, December 17, 2019

Proteostasis Therapeutics (PTI): results from the Phase 2 study

Shares of Proteostasis Therapeutics  fell on Tuesday after the biopharmaceutical company shared mixed findings from a mid-stage study for its experimental triple combination cystic fibrosis therapy. Proteostasis still plans to launch a Phase 3 trial next year. It is also conducting a personalized medicine study for patients with cystic fibrosis. The company held a call with investors on Tuesday morning to discuss the findings. Shares of Proteostasis have gained 34% year-to-date, while the S&P 500 (SPX) is up 27%.


 







GRPN : downgraded to sell from neutral at Goldman

 





Monday, December 16, 2019

IPOs this week : Dec 16 - 20, 19

No new U.S. pricings are expected in the week ahead.

IPO lockup expirations
  • Stoke Therapeutics (NASDAQ:STOK) on December 16; 
  • Grocery Outlet (NASDAQ:GO), Personalis (NASDAQ:PSNL), Prevail Therapeutics (NASDAQ:PRVL), Atreca (NASDAQ:BCEL) and Akero Therapeutics (NASDAQ:AKRO) on December 17; 
  • Artelo Biosciences (NASDAQ:ARTL) on December 18 and 
  • Amerant (NASDAQ:AMTB) on December 19. 
Of the bunch, Grocery Outlet might be the one to watch with shares up over 30% since the IPO.

IPO quiet period expirations
There is also an analyst quiet period expiration for SiTime (NASDAQ:SITM) on December 16 to keep tabs on.

Monday, December 9, 2019

Diplomat Pharmacy (DPLO) to be acquired by UnitedHealth's (UNH) OptumRx for $4.00/share

 



 





Agreed to be acquired by OptumRx, UnitedHealth Group's (NYSE:UNH) pharmacy-care services division for $4.00/share through a cash tender offer, following a careful review of strategic options by co's Board of Directors. The stock had established new record lows below $3 in mid-November following co's issuance of Q3 results, at which time co's pursuit of a comprehensive strategic alternatives process remained ongoing; by Friday's close, the stock had improved by circa +139% from those lows.
Shares have run up over the last month or so as investors hoped that management could find a buyer at a higher price.

IPOs this week : Dec 9 - 13, 19

IPOs expected to price
  • XP (XP) is expected to price its $2B IPO on December 10 and 
  • Bill Holdings (BILL) is scheduled to price its IPO on December 11. 
  • Both OneConnect Financial Technology (OCFT) and Sprout Social (SPT) will price their IPOs on December 12. 

IPO quiet period expirations
The analyst quiet period ends on YayYo (NASDAQ:YAYO) on December 9.

IPO lockup expirations
  • PO share lockup periods expire on CrowdStrike (NASDAQ:CRWD) and Mohawk Group (NASDAQ:MWK) on December 9, 
  • Fiverr (NYSE:FVRR) on December 10 and 
  • Chewy (CHWY) on December 11. 
Keep an eye on CrowdStrike in particular, with shares up more than 50% from the level where the IPO was priced.

Friday, December 6, 2019

Avantor (AVTR) : 7-month performance

Avantor, Inc. develops, customizes, manufactures, and supplies products and services to customers in the biopharma, healthcare, education and government, and advanced technologies and applied materials industries.
  • Sector: Basic Materials
  • Industry: Specialty Chemicals
  • Full Time Employees: 12,000
  • Founded in 1904 
  • HQ in Radnor, Pennsylvania
  • http://www.avantorsciences.com


QURE, 5-year performance


Thursday, December 5, 2019

Zoom Video (ZM) reported earnings on Thur 5 Dec 19 (a/h)

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Zoom Video beats on top and bottom lines; guides Q4 above consensus


  • Reports Q3 (Oct) earnings of $0.09 per share, after adjusting for stock-based compensation expense and related payroll taxes and undistributed earnings attributable to participating securities vs S&P Capital IQ Consensus of $0.03; revenues rose 84.9% year/year to $166.6 mln vs the $156.23 mln S&P Capital IQ Consensus. hird quarter of fiscal 2019. For the third quarter, GAAP operating margin was (1.0)% and non-GAAP operating margin. Approximately 74,100 customers with more than 10 employees, up approximately 67% from the same quarter last year. 546 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 97% from the same quarter last year.
  • Co issues upside guidance for Q4, sees EPS of ~$0.07, excluding non-recurring items, vs. $0.04 S&P Capital IQ Consensus; sees Q4 revs of $175.0 million and $176.0 million vs. $166.65 mln S&P Capital IQ Consensus.
  • Domo (DOMO) reported earnings on Thur 5 Dec 19 (a/h)

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    Domo beats by $0.16, beats on revs; guides Q4 EPS in-line, revs above consensus


  • Reports Q3 (Oct) loss of $0.85 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of ($1.01); revenues rose 21.7% year/year to $44.8 mln vs the $41.81 mln S&P Capital IQ Consensus. Billings were $44.4 million or 15% year-over-year growth.
  • Co issues guidance for Q4, sees EPS of ($0.98)-(0.94), excluding non-recurring items, vs. ($0.98) S&P Capital IQ Consensus; sees Q4 revs of $45-46 mln vs. $43.90 mln S&P Capital IQ Consensus.
  • Tuesday, December 3, 2019

    Qutoutiao (QTT) reported earnings on Tue 3 Dec 19 (b/o)

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    Qutoutiao misses by RMB 1.03, reports revs in-line; guides Q4 revs below two analyst estimate

  • Reports Q3 (Sep) loss of RMB 3.32 per share, excluding non-recurring items, RMB 1.03 worse than the S&P Capital IQ Consensus of (RMB 2.29); revenues rose 44.0% year/year to RMB 1.41 bln vs the RMB 1.4 bln two analyst estimate.
  • Combined average MAUs reached 133.9 million, representing an increase of 105.3% from 65.2 million in the third quarter of 2018, compared to 119.3 million in the previous quarter.
  • Co issues downside guidance for Q4, sees Q4 revs of RMB 1.6-1.62 bln vs. $1.85 bln two analyst estimate.
  • Monday, December 2, 2019

    Sprout Social (SPT) sets IPO terms, could raise up to $159 million


    Sprout Social (SPT) set terms for its initial public offering, in which the provider of social media services for businesses could raise up to $158.8 million. The Chicago-based company is offering 8.82 million Class A shares in the IPO, which is expected to price between $16 and $18 a share. If the underwriters exercise all of the options to buy additional shares, the company could raise up to $182.65 million. Goldman Sachs and Morgan Stanley are the lead underwriters. There will be 38.1 million Class A shares outstanding after the IPO and 9.8 million Class B shares, with Class A shares entitling holders one vote per share and Class B shares entitling holders 10 votes per share. The company recorded a net loss of $20.9 million on revenue of $78.8 million in 2018, after a loss of $21.9 million on revenue of $44.8 million in 2017.


    https://sproutsocial.com/

    IPOs this week : Dec 2 - 6, 19



    No new offerings are slated to price next week as the IPO market crawls toward the new year.

    IPO quiet period expirations
    There are quiet period expirations on

    • Silvergate Capital (NYSE:SI), Galeria Therapeutics (NASDAQ:GRTX), Centogene (NASDAQ:CNTG), Q&K (NASDAQ:QK), Tela Bio (NASDAQ:TELA) and 36Kr (NASDAQ:KRKR) on December 2, as well as 
    • ECMOHO (NASDAQ:MOHO) on December 3. 
    IPO lockup expirations
    • Revolve Group (NYSE:RVLV) share lockup period expiring on December 4.

    Thursday, November 28, 2019

    Pharmaron Lists H-Shares on the Hong Kong Stock Exchange

    Hong Kong and Beijing, November 28, 2019 -- Pharmaron Beijing Co., Ltd. (Stock Code: 300759.SZ/3759.HK) announced today that 117 million H-shares are listed on the Main Board of The Stock Exchange of Hong Kong. This is equivalent to HK$4.344 billion raised based on the offer price of HK$39.5 per share (assuming the Over-allotment Option is not exercised). The funds will be used for the development of the Company’s global integrated service platform, R&D capability and capacity improvements, strategic investments, M&A and operation support.


    The successful listing of H-shares on The Stock Exchange of Hong Kong, together with the existing A-shares listing on the Shenzhen Stock Exchange (“A+H dual listing”), has broadened Pharmaron’s financing channels to support its global growth strategy.  With the strong financial support, Pharmaron will continuously strengthen its service capabilities and capacities by integrating cutting-edge science and technologies into the existing service platforms. These efforts will enhance global operations to better support partners’ R&D needs.

    “Our listing on The Stock Exchange of Hong Kong marks another milestone for Pharmaron,” said Dr. Boliang Lou, Chairman and CEO, Pharmaron. “We appreciate all those who helped make this listing possible, which includes our devoted team, long-term partners and supportive investment community. We will continue to stay focused on developing and integrating the latest science and technologies into our end-to-end R&D services platform. Pharmaron is dedicated to providing high quality R&D services globally to help our partners accelerate their discovery, development and commercialization of innovative medicines.”


    About Pharmaron

    Pharmaron (300759.SZ/3759.HK) is a premier R&D service company supporting the life science industry. Founded in 2004, Pharmaron has invested in its people and facilities having established diverse drug R&D service capabilities, ranging from synthetic, medicinal and analytical chemistry, biology, DMPK, pharmacology, drug safety assessment, radiochemistry and isotopically labelled metabolism, chemical & pharmaceutical development to clinical development. With operations in China, US and UK staffed by over 7,000 employees, Pharmaron has an excellent track record in the delivery of R&D solutions to its partners in North America, Europe, Japan and China.  For more information, go to www.pharmaron.com.