IPO market brought down by biotech wreck and market sell off

Last night 12 IPOs were expected to price, but only 8 did.  Two deals were postponed: extended release biotech Mapi-Pharma (MAPI) and cardiovascular diagnostic firm Lantheus (LNTH).  Two deals were delayed a day: osteoporosis patch biotech Zosano Pharma (ZSAN) and liver biotech Tobira Therapeutics (TBRA).
 
The 8 IPOs that priced and traded today faced a chilly reception from investors.  Five of the 8 have broken their IPO prices including the $2.9 billion IPO of GE consumer finance arm Synchrony (SYF), the largest IPO of the year, and Blackstone-backed drug delivery firm Catalent (CTLT).  The last time the IPO market digested more than 8 IPOs in a day was December 2004 and there is no historical precedent to the number of biotech offerings.

With the exception of surprising strength from wet AMD biotech Avalanche Biotech (AAVL), three of the 4 biotechs were priced at or below their ranges and all have traded at least 20% below their IPO prices: cancer biotech Vascular Biogenics (VBLX), wound healing biotech Macrocure (MCUR) and rare genetic disease biotech Bio Blast (ORPN). 
 
Tonight 10 IPOs are hoping to price….including 6 biotechs!