4 Biotech IPOs that Have Performed the Worst This Year

4 Biotech IPOs that Have Performed the Worst This Year October 11, 2016
By Mark Terry, BioSpace.com Breaking News Staff

It hasn’t been a good year so far for the biotech sector. iShares NASDAQ Biotechnology Index ETF (IBB) had highs of about $340 in January, and dropped about 30 percent to $240 by the end of June. Let’s take a look at the four worst performing biotech IPOs of the first half of this year.

1. China MediTech

China MediTech ADR , a member of CK Hutchison Holdings, is based in Hong Kong. It has a broad pipeline of novel oral drug candidates for cancer and inflammation. It has seven drug candidates 25 clinical trials, including four pivotal Phase III studies.

The company raised $110.16 million from its initial public offering (IPO) with a price of $13.5 per share. Its market price last week was $11.81, so its returns are -12.52 percent. Company is currently trading for $11.61.

2. Intellia Therapeutics

Cambridge, Massachusetts-based Intellia Therapeutics is next. Intellia is working on developing therapeutics using CRISPR/Cas9 gene editing technology. In August, the company released preclinical data that demonstrated in vivo gene editing using lipid nanoparticles to delivery CRISPR/Cas9.

“Intellia has shown robust data that demonstrates the clinical potential of the LNP delivery of CRISPR components,” said David Morrissey, the company’s chief technology officer, in a statement. “With a single administration, we show significant editing at the target gene and a related decrease in target protein in serum.”

The company’s IPO’s offer price was $18 per share, and last week had a closing price of $15.10. Intellia is currently trading for $13.96.

3. Aeglea BioTherapeutics

Located in Austin, Texas, Aeglea BioTherapeutics is developing engineered human enzymes to treat inborn errors of metabolism (IEM). It has four drugs in its pipeline. AEB1102 for hyperarginemia and cancer, AEB4104 for homocystinuria, AEB3103, to treat hematologic and solid malignancies, and AEB2109 in solid tumors.

The company’s IPO in April raised $47.3 million with a share price of $10. Last week it traded for $6.84. Aeglea is currently trading for $6.75.

4. Oncobiologics

Oncobiologics , based in Cranbury, New Jersey, is focused on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. It has two candidates in clinical trials. ONS-3010 is a Phase III-ready biosimilar to Humira (adalimumab) and ONS-1045, a Phase III-ready biosimilar to Avastin (bevacizumab).

The company raised $29.8 million at its IPO in May at $6 per share. It closed last week at $4.09, a 32 percent loss. It is currently for $3.92.

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