Biotech IPOs move upward but from lowered pricing...Both Momenta (MNTA) and Senomyx (SNMX) opened for public trading today. Both companies priced at the low end of their already revised price ranges. Investors though, were keen to get in at these lower prices and snapped up shares in both companies, sending Momenta up 20% and Senomyx up 12.5%. Cambridge, MA, Momenta Pharmaceuticals opened near the bottom of its $6.50-7.00 range, which was already revised downwards twice from the original $13-15 range late last week. The deal was underwritten by SG Cowen and Banc of America Securities. The Company markets a generic version of Aventis’ blockbuster cardio drug, Lovenox.
