soared nearly 35% as a flurry of biotechs and a Chinese edutainment company went public on Friday.
Shattuck’s stock opened at $22.10 and hit a high of $22.90. The stock recently changed hands at $18.95, up 11.47%.
The solid debut comes after Shattuck Labs (ticker: STTK) increased the size of its deal on Thursday, according to a statement. The biotech company ended up raising $202 million by selling 11.9 million at $17 each, up from the 10 million shares at $14 to $16 it had planned to sell. Underwriters on the deal include Citigroup, Cowen, and Evercore ISI.
Founded in 2016, Shattuck is developing therapies to target cancer and inflammatory diseases. Its lead drug candidate, SL-172154, is in a Phase 1 clinical trial with patients suffering from ovarian cancer.
Like many biotech companies, Shattuck is unprofitable. The company reported nearly $12.8 million in losses for the six months ended June 30 on $6.2 million in collaboration revenue. This compares with $9.3 million in losses for the same period in 2019 on $5.3 million in collaboration revenue, a prospectus said. It employs 50 employees.
(SPRB) rose nearly 23% in their first day of trading Friday. The stock jumped to a high of $18.40 after opening at $18.14. Shares recently traded at $16.19, up nearly 8%.
Spruce Biosciences also increased the size of its deal. On Thursday, the biotech company raised $90 million after selling 6 million shares at $15 each, up from 5 million shares at $14 to $16 each. Cowen, SVB Leerink, Credit Suisse, and RBC Capital Markets are underwriters on the deal.
Spruce is a late-stage biopharmaceutical company developing drug candidates to treat rare endocrine disorders. Its product candidate, tildacerfont, treats classic congenital adrenal hyperplasia, or CAH, and is in Phase 2b clinical trials, a securities filing said.
Founded in 2014, Spruce reported $11.6 million in losses for the six months ended June 30 against nearly $7.4 million losses for the period in 2019, a filing said. The company, which has 15 employees, has not generated any revenue.
Kronos Bio, which is developing therapies to treat cancer, is also going public on Friday.
And iHuman (IH) began trading. Shares of the company rose as much as 35% Friday after opening at $12.12. Shares recently changed hands at $15.17, up 26.42%.
IHuman (IH) raised $84 million after selling 7 million American Depositary Shares at $12 each, the midpoint of its $11 to $13 price range. Underwriters on the deal include Citigroup and Credit Suisse.
The Beijing company is an online childhood edutainment provider. IHuman provides games and products to make learning fun for kids. Topics include Chinese, English, as well as mathematics and critical thinking. China’s childhood education market is defined as children aged up to 12.
IHuman is profitable. The company reported $798,000 in income for the six months ended June 30 on $26.3 million in revenue. This compares with 271.8 million Chinese yuan ($40.6 million) in losses for the period in 2019 on revenue of 91.7 million Chinese yuan ($13.7 million), a filing said. IHuman has 630 full-time employees who are all in China.
Write to Luisa Beltran at [email protected]