Industry Overview - Biotech and pharmaceutical companies have become increasingly significant in the IPO market, accounting for approximately 24% of IPOs from 2001 to 2023, and 35% from 2019 to 2023, indicating a growing relevance in the market [1] Company Highlights - CG Oncology (NASDAQ: CGON) had its IPO on January 24, with an initial price of $19 per share, which surged to $29 due to strong institutional demand, closing at over $37 on January 25, marking a 96% increase in just two days [3][4] - CG Oncology's leading drug candidate, CG0070, is in two Phase 3 FDA trials and one Phase 2 trial, with a current average price target suggesting a 73% upside [4] - Arrivent BioPharma (NASDAQ: AVBP) went public on January 25, with its stock rising 78% from its IPO price, primarily due to similar institutional demand dynamics as CG Oncology [5][6] - Arrivent's key drug, firmonertinib, is in a Phase 3 trial for non-small cell lung cancer and has been approved in China, generating approximately $624 million since 2021, although Arrivent has not received any revenue from this [6][7] - Upstream Bio (NASDAQ: UPB) had its IPO on October 10, with shares increasing by 49%, driven by pre-retail trading, and its leading drug program, UPB-101, is in three Phase 2 trials targeting severe asthma and other conditions [7][8]
Discover the 3 Best-Performing Biotech IPO Stocks of 2024