Ally Financial ALLY, Cerulean Pharma CERU, and Adamas Pharmaceuticals ADMS opened for trading today amidst a stock market in freefall.
Ally Financial, formerly known as GMAC, began trading 95M shares as the US Treasury divests itself of 177M shares.
The stock opened for trading shortly after 9:30 a.m. at $24.25 per share after pricing on the low end of its range at $25.00 per share. Ally moved briskly higher in early trading in an attempt to break above its IPO price. Met with resistance from sellers and the early stages of the market selloff, Ally faltered near 10:00 a.m. before slowly drifting to the lows of the day.
Ally closed its first day of trading at $23.98, a 1.1% decline from its open, down 4% from its $25.00 IPO price.
Cerulean Pharmaceutical, specializes in clinical-stage nanopharmaceuticals. Their drugs are designed and optimized for therapeutic agents, ranging from peptides to RNAi molecules.
Cerulean raised almost $60M from their 8.5M share offering. The stock priced at $7 per share and opened at $7.10. Like Ally, Cerulean moved higher in early trading but was caught up in the market's troubles. Shortly after opening, it tapped a high of $7.66 and quickly crumbled to close near its low at $6.83.
Adamas Pharmaceutical, specializes in developing and commercializing therapeutics targeting chronic disorders of the central nervous system. Its success is derived from enhancing the pharmacokinetic profiles of developed and tested drugs to create unique therapeutics for standalone use or as a combination.
Priced at $16.00 per share, the company's 3M IPO opened for trading at $16.85 this morning. The market was unkind to stock's first day of trading and shares tumbled $3 from its high of $17.24 to close at $14. IPO investors quickly found themselves in the red and ended the day with a double digit loss of 12.5%.
Tomorrow will wrap up this week for IPO's, and it's shaping up to be an active Friday for new issues.
IPO's for April 11th, 2014
Market News and Data brought to you by Benzinga APIs- City Office REIT CIO: 6.7M shares are being offered through Janney Montgomery Scott
- Alderya Therapeutics ALDX: Aegis Capital will lead the 2.3M share offering. Pricing is expected between $10 and $12.
- Paycom Software PAYC: 6.6M shares are being offered between $18 and $20 through Barclays Capital.
- Scynexis SCYX: 7.3M shares are expected to price between $7 and $8 through RBC Capital and Canaccord Genuity.
- Enable Midstream Partners ENBL: 25M shares are expected to price between $19 and $21 through lead underwriter Barclays Capital.
- Farmland Partners FPI: Farmland was supposed to open today, but is now slated for Friday. Look for 4.7M shares between $14 and $16.
- Phibro Animal Health Corp PAHC: 11.8M shares are pricing through Merrill Lynch and Morgan Stanley. Expected price range is $16 to $18.
- Zoe's Kitchen ZOES: 5.8M shares are expected to price between $11 and $13 through Jefferies, Piper Jaffray, and Baird.
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