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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
2016’s slow start for Initial public offerings (IPO) could be over as four biotechs follow in the wake of several successful IPOs, most notably, Bats Global Markets (BZX: BATS) and American Renal Associate (NYSE: ARA). These stocks are up 25 and 26 percent respectively since debut.
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This week’s largest IPO, Intellia Therapeutics (NASDAQ: NTLA) is looking to raise $85 million to advance development of its flagship CRISPR/Cas9 gene editing technology. The company believes its product can edit disease-associated genes in the human body with a single course of treatment.
The remainder of proceeds will go towards research and development of its In Vivo and Ex Vivo programs related to its CRISPR/Cas9 technology. The In Vivo applications are designed to let Intellia use its technology to target cells directly in the body. Ex Vivo is designed to target and remove cells from a patients body, edit them, and then return them.
The company has some collaborative revenue earned, but is still in very preliminary stages of development and may never become profitable. Between R&D and general administrative expenses, the company spends are $19 million per year, and currently has $75,000 in cash.
Currently, there are no viable product candidates for the company, according to its S1, but management believes that after a successful offering, there will be enough money to fund operations for at least 36 months.
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Intellia is selling 5 million shares and expects to price them between $16 and $18 per share. The lead book runners are Credit Suisse, Jefferies, and Leerink Partners.
With four biotechs this week, how the market reacts will be a telling sign. Good results could mean that risk for IPOs is back. If all of them flop, the market could be heading towards another new issue drought.
Other offerings this week are:
Oncobiologics (NASDAQ: ONS): Offering 5 million shares between $11 and $13 through Jefferies and Barclays.
Cancer Prevention Pharmaceuticals (NYSE: CPP): Offering 1,923,076 shares between $12 and $14 through Aegis Capital.
Spring Bank Pharmaceuticals (NASDAQ: SBPH): Offering 1,154,000 shares between $12 and $14 through Dawson James.
Disclosure: The author holds no positions in any of the above mentioned companies.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.