Biotech Lexeo Therapeutics stumbles in weak Nasdaq debut

Lexeo Therapeutics

03/11/2023 16:43

** Shares of Lexeo Therapeutics  LXEO.O  open for trading on
Nasdaq at $9.50, ~13.6% below the biotechnology firm's initial
public offering price of $11 apiece 
    ** Stock last down ~15.2% at $9.32 
    ** Co raised roughly $100 mln in IPO underwritten by J.P.
Morgan, Leerink Partners, Stifel and RBC Capital Markets, with
Chardan acting as lead manager for the offering  
    ** Weak debut underscores lukewarm investor appetite for new
listings as sentiment remains under pressure due to dull
performance of stocks of companies that listed recently 
    ** Marquee September IPOs of chip designer Arm  ARM.O  and
grocery firm Instacart, formally known as Maplebear,  CART.O 
saw strong debuts but gave back those first-day gains soon after
    ** Last month's underwhelming entry of luxury sandal maker
Birkenstock  BIRK.N  further dashed hopes of IPO market's
imminent revival 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))