US IPO Weekly Winners & Losers

Four biotech IPOs launched this week. Two priced and began trading, and the other two are coming in the week ahead.

Our analyst team wasn’t high on either of this past week's deals, with peers trading poorly. Autoimmune-focused TRex Bio (Nasdaq: TRXB) became the first biotech IPO to price below the midpoint since February 2025. It opened below its offer price and finished flat. The smaller deal, hypertension-focused Retension Pharmaceuticals (Nasdaq: RTSN), ended the week off -12%.

Thanks to the 2026 class’s strong track record, biotech has been one of the few sectors where IPO investors were eager to participate. That opened the door to some less-exciting deals and stretched valuations, and poor returns from the latest few deals should now limit activity to the stronger names. That’s the IPO cycle in a nutshell.

Two biotechs are lined up for the week ahead, both far larger than this week’s listings. Iambic Therapeutics (Nasdaq: IAM) is the latest biotech with a proprietary AI platform, while City Therapeutics (Nasdaq: CTY) is looking to ride interest in RNA interference therapies.

More broadly, the IPO market continues to tread water. The IPO Index is trading below its 50-day moving average, and as traders like to say, “nothing good happens below the 50-day.” A big segment of Wall Street is keeping its powder dry while waiting for Anthropic’s IPO. Meanwhile, long-term buyers are deal-hunting.

It’s natural for IPO investors to pause and reassess. An uninterrupted funding blitz isn’t healthy, and writing blank checks isn’t smart. The biggest potential catalyst would be a resolution to the Iran war, followed by improving inflation data and strong earnings. Even without a catalyst, time alone will bring us closer to a more active deal calendar.

Filers, at least, appear optimistic. Seven sizable companies submitted IPO paperwork this week, led by Singapore-based DayOne Data Centers and African fintech OPay.

It was another volatile week for new stocks. The IPO Index returned -0.5%, underperforming the S&P 500’s +1.2%. Software led the winners, with tech holding company Bending Spoons topping the leaderboard at +18.7%. AI-sensitive names brought up the rear, though equipment rental platform EquipmentShare.com finished last at -18.5%.