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Shattuck Labs Surges in Market Debut Amid Flurry of IPOs

Shattuck Labs Surges in Market Debut Amid Flurry of IPOs

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Shares of

Shattuck Labs

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.

Shares of

Spruce Biosciences

(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

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