IPOs this week : Dec 23 - 27, 19

No new U.S. pricings are expected in the week ahead.

IPO lockup expirations

• IPO lockups expire on Cambium Networks (NASDAQ:CMBM) on December 23; 

• Change Healthcare (NASDAQ:CHNG), Bridgebio Pharma (NASDAQ:BBIO), Adaptive Biotechnologies (NASDAQ:ADPT), Morphic Holding (NASDAQ:MORF) on December 24 and 

• The RealReal (NASDAQ:REAL) and Karuna Therapeutics (NASDAQ:KRTX) on December 26. 

Keep an eye on Bridgebio Pharma (+115% from IPO) and Karuna Therapeutics (+360%) in particular. Meanwhile, RealReal could ride out the lockup expiration in fine fashion with analysts still very bullish.

Proteostasis Therapeutics (PTI): results from the Phase 2 study

• Dec 22, 2020:  Proteostasis will be renamed Yumanity Therapeutics, Inc. and Yumanity's common stock will commence trading on the Nasdaq Capital Market on a post-reverse stock split basis under the new symbol "YMTX" on, December 23, 2020.
• Dec 19, 2022:  Kineta, Inc. completes reverse merger with Yumanity Therapeutics; commences trading on The Nasdaq Capital Market under the ticker symbol “KA” on December 19, 2022. Immediately prior to the merger, Yumanity effected a reverse stock split of its common stock at a ratio of one share for every seven shares.

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Shares of Proteostasis Therapeutics  fell on Tuesday after the biopharmaceutical company shared mixed findings from a mid-stage study for its experimental triple combination cystic fibrosis therapy. Proteostasis still plans to launch a Phase 3 trial next year. It is also conducting a personalized medicine study for patients with cystic fibrosis. The company held a call with investors on Tuesday morning to discuss the findings. Shares of Proteostasis have gained 34% year-to-date, while the S&P 500 (SPX) is up 27%.

 

GRPN : downgraded to sell from neutral at Goldman

Ticker: GRPN

 

IPOs this week : Dec 16 - 20, 19 (wk 51)

No new U.S. pricings are expected in the week ahead.

IPO lockup expirations

• Stoke Therapeutics (NASDAQ:STOK) on December 16; 
• Grocery Outlet (NASDAQ:GO), Personalis (NASDAQ:PSNL), Prevail Therapeutics (NASDAQ:PRVL), Atreca (NASDAQ:BCEL) and Akero Therapeutics (NASDAQ:AKRO) on December 17; 
• Artelo Biosciences (NASDAQ:ARTL) on December 18 and 
• Amerant (NASDAQ:AMTB) on December 19. 

Of the bunch, Grocery Outlet might be the one to watch with shares up over 30% since the IPO.

IPO quiet period expirations
There is also an analyst quiet period expiration for SiTime (NASDAQ:SITM) on December 16 to keep tabs on.

Diplomat Pharmacy (DPLO) to be acquired by UnitedHealth's (UNH) OptumRx for $4.00/share

 

 

Agreed to be acquired by OptumRx, UnitedHealth Group's (NYSE:UNH) pharmacy-care services division for $4.00/share through a cash tender offer, following a careful review of strategic options by co's Board of Directors. The stock had established new record lows below $3 in mid-November following co's issuance of Q3 results, at which time co's pursuit of a comprehensive strategic alternatives process remained ongoing; by Friday's close, the stock had improved by circa +139% from those lows.
Shares have run up over the last month or so as investors hoped that management could find a buyer at a higher price.

IPOs this week : Dec 9 - 13, 19 (wk 50)

 IPOs expected to price

• XP (XP) is expected to price its $2B IPO on December 10 and 
• Bill Holdings (BILL) is scheduled to price its IPO on December 11. 
• Both OneConnect Financial Technology (OCFT) and Sprout Social (SPT) will price their IPOs on December 12. 

IPO quiet period expirations
The analyst quiet period ends on YayYo (NASDAQ:YAYO) on December 9.

IPO lockup expirations

• PO share lockup periods expire on CrowdStrike (NASDAQ:CRWD) and Mohawk Group (NASDAQ:MWK) on December 9, 

• Fiverr (NYSE:FVRR) on December 10 and 

• Chewy (CHWY) on December 11. 

Keep an eye on CrowdStrike in particular, with shares up more than 50% from the level where the IPO was priced.

Avantor (AVTR) : 7-month performance

Avantor, Inc. develops, customizes, manufactures, and supplies products and services to customers in the biopharma, healthcare, education and government, and advanced technologies and applied materials industries.

• Sector: Basic Materials
• Industry: Specialty Chemicals
• Full Time Employees: 12,000
• Founded in 1904 
• HQ in Radnor, Pennsylvania
• http://www.avantorsciences.com

QURE, 5-year performance

Zoom Video (ZM) reported earnings on Thur 5 Dec 19 (a/h)

** charts before earnings **

 

** charts after earnings **

Zoom Video beats on top and bottom lines; guides Q4 above consensus

Reports Q3 (Oct) earnings of $0.09 per share, after adjusting for stock-based compensation expense and related payroll taxes and undistributed earnings attributable to participating securities vs S&P Capital IQ Consensus of $0.03; revenues rose 84.9% year/year to $166.6 mln vs the $156.23 mln S&P Capital IQ Consensus. hird quarter of fiscal 2019. For the third quarter, GAAP operating margin was (1.0)% and non-GAAP operating margin. Approximately 74,100 customers with more than 10 employees, up approximately 67% from the same quarter last year. 546 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 97% from the same quarter last year.

Co issues upside guidance for Q4, sees EPS of ~$0.07, excluding non-recurring items, vs. $0.04 S&P Capital IQ Consensus; sees Q4 revs of $175.0 million and $176.0 million vs. $166.65 mln S&P Capital IQ Consensus.

Domo (DOMO) reported earnings on Thur 5 Dec 19 (a/h)

** charts before earnings **

 

** charts after earnings **

Domo beats by $0.16, beats on revs; guides Q4 EPS in-line, revs above consensus

Reports Q3 (Oct) loss of $0.85 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of ($1.01); revenues rose 21.7% year/year to $44.8 mln vs the $41.81 mln S&P Capital IQ Consensus. Billings were $44.4 million or 15% year-over-year growth.

Co issues guidance for Q4, sees EPS of ($0.98)-(0.94), excluding non-recurring items, vs. ($0.98) S&P Capital IQ Consensus; sees Q4 revs of $45-46 mln vs. $43.90 mln S&P Capital IQ Consensus.

Qutoutiao (QTT) reported earnings on Tue 3 Dec 19 (b/o)

** charts after earnings **

 

Qutoutiao misses by RMB 1.03, reports revs in-line; guides Q4 revs below two analyst estimate

Reports Q3 (Sep) loss of RMB 3.32 per share, excluding non-recurring items, RMB 1.03 worse than the S&P Capital IQ Consensus of (RMB 2.29); revenues rose 44.0% year/year to RMB 1.41 bln vs the RMB 1.4 bln two analyst estimate.

Combined average MAUs reached 133.9 million, representing an increase of 105.3% from 65.2 million in the third quarter of 2018, compared to 119.3 million in the previous quarter.

Co issues downside guidance for Q4, sees Q4 revs of RMB 1.6-1.62 bln vs. $1.85 bln two analyst estimate.

Sprout Social (SPT) sets IPO terms, could raise up to $159 million

Sprout Social (SPT) set terms for its initial public offering, in which the provider of social media services for businesses could raise up to $158.8 million. The Chicago-based company is offering 8.82 million Class A shares in the IPO, which is expected to price between $16 and $18 a share. If the underwriters exercise all of the options to buy additional shares, the company could raise up to $182.65 million. Goldman Sachs and Morgan Stanley are the lead underwriters. There will be 38.1 million Class A shares outstanding after the IPO and 9.8 million Class B shares, with Class A shares entitling holders one vote per share and Class B shares entitling holders 10 votes per share. The company recorded a net loss of $20.9 million on revenue of $78.8 million in 2018, after a loss of $21.9 million on revenue of $44.8 million in 2017.


https://sproutsocial.com/

IPOs this week : Dec 2 - 6, 19 (wk 49)

No new offerings are slated to price next week as the IPO market crawls toward the new year.

IPO quiet period expirations
There are quiet period expirations on

• Silvergate Capital (NYSE:SI), Galeria Therapeutics (NASDAQ:GRTX), Centogene (NASDAQ:CNTG), Q&K (NASDAQ:QK), Tela Bio (NASDAQ:TELA) and 36Kr (NASDAQ:KRKR) on December 2, as well as 
• ECMOHO (NASDAQ:MOHO) on December 3. 

IPO lockup expirations

• Revolve Group (NYSE:RVLV) share lockup period expiring on December 4.