As one of the most lucrative sectors for the past few years, it comes as no surprise that biotech companies have dominated the world IPO market this week. A total of 10 of the 16 companies expected to list their shares hail from the biotech space, the likes of whom include Alzamend Neuro (ALZN), which focuses its efforts on treating neurodegenerative diseases and psychiatric disorders, as well as Lyell Immunopharma, a company developing T-cell therapies to treat solid-tumor cancers.
Since the start of this year, 38 biotech firms have listed their IPOs, raising a total of $7.5 billion. The rabid success of biotech companies hit its peak around the time of the worldwide coronavirus outbreak, with 22 biotech firms raising $8.2 billion in capital during the first two financial quarters of 2020.
One firm that helped draw significant interest to the biotech space is Moderna, a company most recently credited with developing one of the leading COVID-19 vaccines. After going public a little over two years ago, the company’s stock soared by 980% and is currently trading at $201, 59.
Of the 10 biotech firms, six are expected to open on Friday. Alzamend Neuro (ALZN), which opened on Tuesday, saw its stock soar by 170%—a positive sign for those firms who still await their opening.
