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The Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年的前三次 IPO 都举步维艰。这就是原因。</blockquote>

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This Is Why.<blockquote>今年的前三次 IPO 都举步维艰。这就是原因。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129882080","media":"Barrons","summary":"The first initial public offerings of 2022, a trio of biotech companies, went public with dismal res","content":"<html><head></head><body>The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.<blockquote><html><head></head><body>三家生物技术公司于 2022 年首次公开募股上市，结果惨淡。</body></html></blockquote>Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.<blockquote>Amylyx Pharmaceuticals 和 Vigil Neuroscience 的股价均低于发行价，而 CinCor Pharma 则持平。首次公开募股市场的低迷表明，IPO市场尚未从2021年的低迷中恢复过来。</blockquote>The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.<blockquote>这三家公司是自去年 12 月新问题暂停以来首次进行交易的公司。2021 年经历了令人兴奋的 11 个月，IPO 创下了有史以来最好的一年，但通货膨胀和奥密克戎问题减缓了 12 月份的发行速度。当月只有十几家公司通过传统 IPO 上市，低于 11 月份的 34 家和 10 月份的 39 家。</blockquote>Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.<blockquote>Renaissance Capital 高级 IPO 策略师马特·肯尼迪 (Matt Kennedy) 表示，生物技术公司对整体市场趋势的敏感度较低，这使得它们能够继续前进，而其他公司则不然。</blockquote>The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.<blockquote>他说，周五三家公司首日表现平淡，是 2021 年 IPO 回报惨淡的延续。他说，在 2021 年使用传统 IPO 上市的 397 家公司中，大约 31%（即 121 家）的交易价格高于发行价。这意味着 69% 的股价低于 IPO 价格。</blockquote>The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.<blockquote>2021 届生物技术专业的表现更差。肯尼迪说，在去年上市的94家公司中，只有15家的交易价格高于发行价。他说，一些投资者仍然 “对流行抱有希望”，但目前对新交易的需求并不大。“他说：”在最初的投资者停止出现之前，只持续了很长时间，然后我们可能会看到活动暂停。</blockquote>A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.<blockquote>一个关键点可能会在下周到来，届时两笔备受瞩目的交易将开始。大型私募股权公司TPG和人力资源软件公司Justworks都计划进行交易。肯尼迪说，如果这些公司最终大幅削减价格范围，这将表明即使对于盈利的公司来说，IPO市场也充满挑战。“他说：”你不可能像 2021 年那样度过一年，然后在短短几周内就恢复正常。我们需要看到（最近 IPO）的回报率有所提高，然后才能期待正常的交易流动。</blockquote>Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.<blockquote>Cincor（股票代码：CINC）正在开发治疗高血压和其他心肾疾病的疗法，该公司于周五率先开业。Cincor 以 16 美元的价格出售 1210 万股股票，筹集了近 1.94 亿美元。该公司已申请发行 1100 万股股票，价格为 15 至 17 美元。股价开盘价为 21 美元，随后下跌，在收盘价之前，经常在 16 美元的 IPO 价格上下交易价格。</blockquote>Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.<blockquote>与此同时，Amylyx (AMLX) 的股价开盘价为 21 美元，收盘价为 18.07 美元，比发行价低近 5%。Amylyx专注于治疗ALS和其他神经退行性疾病的疗法。Amylyx 也扩大了交易规模，在以每股 19 美元的价格出售 1000 万股股票后筹集了 1.9 亿美元。该公司原计划以 18 至 20 美元的价格发行 875 万股。</blockquote>Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.<blockquote>Vigil (VIGL) 旨在为神经退行性疾病提供治疗，该公司以 14 美元的价格出售了 700 万股股票，筹集了 9800 万美元，低于 15 至 17 美元的价格范围。Vigil 开盘价为 12 美元，低于 IPO 价格，收盘下跌近 10%，至 12.65 美元。</blockquote>Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.<blockquote>乔丹·斯图尔特 (Jordan Stuart) 是 Federated Hermes Kaufmann funds 的市场策略师，该基金专注于小型、中型和大型市值公司并投资 IPO，他给投资者的建议只有一个：耐心。</blockquote>Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.<blockquote>斯图尔特说，许多生物技术公司在 2021 年很早就上市了，在投资之前等待 “时机催化剂 ”可能是有意义的。他指出了 Federated 在 2018 年上市的 Moderna（MRNA）方面的经验。斯图尔特说，Federated 放弃了购买 IPO，“因为没有什么紧急情况 ”促使他们进行投资。</blockquote>But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.<blockquote>但在2020年1月，疾病控制和预防中心（CDC）发现了美国首例新冠肺炎病例，到3月，全国各地的企业都在关闭，试图阻止病毒的传播。Stuart 表示，Federated 在 2020 年第一季度以每股 30 美元左右的价格投资了 Moderna。</blockquote>The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.<blockquote>同年 12 月晚些时候，该生物技术公司的 Covid-19 疫苗获得了美国食品和药物管理局的紧急使用授权。Moderna 的股价在 9 月份创下 384.86 美元的高点，目前交易价格为 213.58 美元。斯图尔特表示，截至 9 月 30 日，Federated 旗下基金持有 Moderna 的大量股份。</blockquote>While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.<blockquote>虽然投资经理可能通过等待留下了一些钱，但斯图尔特估计，Federated 的 Moderna 投资已经赚了 5 到 10 倍。“公司很早就上市是件好事。但考虑到去年 IPO 市场的火爆，耐心也是一种美德，”他说。</blockquote></body></html><blockquote></blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年的前三次 IPO 都举步维艰。这就是原因。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年的前三次 IPO 都举步维艰。这就是原因。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2022-01-08 09:38\n\n</h4>\n</header>\n<article>\n<html><head></head><body>The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.<blockquote><html><head></head><body>三家生物技术公司于 2022 年首次公开募股上市，结果惨淡。</body></html></blockquote>Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.<blockquote>Amylyx Pharmaceuticals 和 Vigil Neuroscience 的股价均低于发行价，而 CinCor Pharma 则持平。首次公开募股市场的低迷表明，IPO市场尚未从2021年的低迷中恢复过来。</blockquote>The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.<blockquote>这三家公司是自去年 12 月新问题暂停以来首次进行交易的公司。2021 年经历了令人兴奋的 11 个月，IPO 创下了有史以来最好的一年，但通货膨胀和奥密克戎问题减缓了 12 月份的发行速度。当月只有十几家公司通过传统 IPO 上市，低于 11 月份的 34 家和 10 月份的 39 家。</blockquote>Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.<blockquote>Renaissance Capital 高级 IPO 策略师马特·肯尼迪 (Matt Kennedy) 表示，生物技术公司对整体市场趋势的敏感度较低，这使得它们能够继续前进，而其他公司则不然。</blockquote>The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.<blockquote>他说，周五三家公司首日表现平淡，是 2021 年 IPO 回报惨淡的延续。他说，在 2021 年使用传统 IPO 上市的 397 家公司中，大约 31%（即 121 家）的交易价格高于发行价。这意味着 69% 的股价低于 IPO 价格。</blockquote>The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.<blockquote>2021 届生物技术专业的表现更差。肯尼迪说，在去年上市的94家公司中，只有15家的交易价格高于发行价。他说，一些投资者仍然 “对流行抱有希望”，但目前对新交易的需求并不大。“他说：”在最初的投资者停止出现之前，只持续了很长时间，然后我们可能会看到活动暂停。</blockquote>A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.<blockquote>一个关键点可能会在下周到来，届时两笔备受瞩目的交易将开始。大型私募股权公司TPG和人力资源软件公司Justworks都计划进行交易。肯尼迪说，如果这些公司最终大幅削减价格范围，这将表明即使对于盈利的公司来说，IPO市场也充满挑战。“他说：”你不可能像 2021 年那样度过一年，然后在短短几周内就恢复正常。我们需要看到（最近 IPO）的回报率有所提高，然后才能期待正常的交易流动。</blockquote>Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.<blockquote>Cincor（股票代码：CINC）正在开发治疗高血压和其他心肾疾病的疗法，该公司于周五率先开业。Cincor 以 16 美元的价格出售 1210 万股股票，筹集了近 1.94 亿美元。该公司已申请发行 1100 万股股票，价格为 15 至 17 美元。股价开盘价为 21 美元，随后下跌，在收盘价之前，经常在 16 美元的 IPO 价格上下交易价格。</blockquote>Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.<blockquote>与此同时，Amylyx (AMLX) 的股价开盘价为 21 美元，收盘价为 18.07 美元，比发行价低近 5%。Amylyx专注于治疗ALS和其他神经退行性疾病的疗法。Amylyx 也扩大了交易规模，在以每股 19 美元的价格出售 1000 万股股票后筹集了 1.9 亿美元。该公司原计划以 18 至 20 美元的价格发行 875 万股。</blockquote>Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.<blockquote>Vigil (VIGL) 旨在为神经退行性疾病提供治疗，该公司以 14 美元的价格出售了 700 万股股票，筹集了 9800 万美元，低于 15 至 17 美元的价格范围。Vigil 开盘价为 12 美元，低于 IPO 价格，收盘下跌近 10%，至 12.65 美元。</blockquote>Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.<blockquote>乔丹·斯图尔特 (Jordan Stuart) 是 Federated Hermes Kaufmann funds 的市场策略师，该基金专注于小型、中型和大型市值公司并投资 IPO，他给投资者的建议只有一个：耐心。</blockquote>Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.<blockquote>斯图尔特说，许多生物技术公司在 2021 年很早就上市了，在投资之前等待 “时机催化剂 ”可能是有意义的。他指出了 Federated 在 2018 年上市的 Moderna（MRNA）方面的经验。斯图尔特说，Federated 放弃了购买 IPO，“因为没有什么紧急情况 ”促使他们进行投资。</blockquote>But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.<blockquote>但在2020年1月，疾病控制和预防中心（CDC）发现了美国首例新冠肺炎病例，到3月，全国各地的企业都在关闭，试图阻止病毒的传播。Stuart 表示，Federated 在 2020 年第一季度以每股 30 美元左右的价格投资了 Moderna。</blockquote>The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.<blockquote>同年 12 月晚些时候，该生物技术公司的 Covid-19 疫苗获得了美国食品和药物管理局的紧急使用授权。Moderna 的股价在 9 月份创下 384.86 美元的高点，目前交易价格为 213.58 美元。斯图尔特表示，截至 9 月 30 日，Federated 旗下基金持有 Moderna 的大量股份。</blockquote>While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.<blockquote>虽然投资经理可能通过等待留下了一些钱，但斯图尔特估计，Federated 的 Moderna 投资已经赚了 5 到 10 倍。“公司很早就上市是件好事。但考虑到去年 IPO 市场的火爆，耐心也是一种美德，”他说。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/2022-ipos-fall-weak-51641580444?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMLX":"Amylyx Pharmaceuticals","VIGL":"Vigil Neuroscience, Inc.","CINC":"CinCor Pharma, Inc."},"source_url":"https://www.barrons.com/articles/2022-ipos-fall-weak-51641580444?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129882080","content_text":"The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.","news_type":1,"symbols_score_info":{"AMLX":0.9,"CINC":0.9,"VIGL":0.9}},"isVote":1,"tweetType":1,"viewCount":3628,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/694043617"}