The IPO market is set to close out 2021 with a thud after Immix Biopharma, a biotech, dropped nearly 27% below its offer price.
Immix (ticker: IMMX) is the third company this week to trade below its initial public offering price. On Wednesday, Genenta Science (GNTA), a biotech, fell more than 4%, while Fresh Vine Wine (VINE), a producer of low-carb wine, plunged nearly 30% the day before.
Bionomics (BNOX) also opened on Thursday, with shares rising more than 19%. The biotech is not considered an IPO since its stock already trades on the Australian Securities Exchange.
IPOs have slowed considerably in December. Ten companies have gone public this month in traditional IPOs, raising $4.9 billion, Dealogic said. This compares to last year, when 21 companies listed their shares using traditional offerings, collecting $12.8 billion.
The IPO market is expected to go on break next week for the holidays, with many deals going on hold. New issues are expected to reopen in mid-January. No companies are expected to go public on Friday using a traditional offering.
Six companies, including Immix and Bionomics, have priced their deals this week. Sidus Space (SIDU), a satellite company, turned in a strong performance when its stock rocketed nearly 144% Tuesday. On Wednesday, the stock of Samsara (IOT), an internet of things company, rose more than 7%.
Shares of Immix opened at $5 and dropped. The stock closed at $3.67, down $1.33 from its offer price.
Immix is developing tissue-specific therapeutics to treat cancer and inflammation. Its lead product candidate, IMX-110, is currently in Phase 1b/2a clinical trials for solid tumors in the United States and Australia, a prospectus said.
Immix increased the size of its deal to $4.2 million shares, which it sold at $5 each. The Los Angeles company had planned on selling roughly 3.83 million shares at $5 to $6 each.
Shares of Bionomcis, meanwhile, opened at $22 and ended at $14.73, up $2.38 cents from its offer price.
Bionomics is developing therapies for persons suffering from serious central nervous system disorders. Its lead product candidate, BNC210, treats social anxiety disorder and post-traumatic stress disorder, according to a prospectus.
Bionomics sold 1.62 million American Depositary Shares, or ADSs, at $12.35 a share. Each ADS represents 180 ordinary shares of Bionomics.