Parabilis Soared 58% in the Biggest Biotech IPO on Record. Is It Too Late to Buy the Stock?
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Parabilis Soared 58% in the Biggest Biotech IPO on Record. Is It Too Late to Buy the Stock?
Overview
This year is turning out to be a massive one for initial public offerings, with Cerebras Systems delivering the biggest so far and SpaceX on track to launch the largest ever. On top of that, Anthropic and OpenAI recently filed confidentially with regulators, suggesting they may make market debuts soon.
That activity has been in the technology sector, but another area that's looking hot is the industry of biotech. Kailera Therapeutics got the ball rolling in April, with a biotech IPO that topped the biggest one to date -- that of Moderna, which raised a record $604 million in 2018. And just this week, Parabilis Medicines (NASDAQ: PBLS) topped them all, raising $670 million. And on the stock's first day of trading, it soared 58% to close at a little over $31.
Details
Investors are clearly excited about this biotech company exploring an innovative way to fight cancer and potentially other diseases. Now the question is: After this explosive IPO, is it too late to buy the stock?
Source
Originally published at www.fool.com.
