Agios Pharmaceuticals Rockets 74% in IPO Debut

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Of the four initial public offerings, or IPOs, to hit the markets on Wednesday, only one ended higher by day's end. The lucky stock in particular was Agios Pharmaceuticals (NASDAQ: AGIO  ) , which went public at $18 per share, and closed Wednesday at $31.28, boasting a hefty 73.8% single-day gain. Agios, which raised over $100 million yesterday through the issuance of about 5.9 million shares, is focused on developing drugs to treat cancer and inborn errors of metabolism, or IEMs. Rare diseases such as IEMs are known as "orphan diseases" and, by definition, have a very small affected population.

This funding was vital for the company, which plans to use the money to develop and commercialize its future products, as well as finance research and development, working capital, and other costs. Agios filed an investigational new drug application with the FDA in June, for what is the company's first product candidate.

JPMorgan and Goldman Sachs functioned as the lead underwriters of the IPO, while Cowen and Company, the broker-dealer division of Cowen Group, and Leerink Swan, acted as co-managers of the offering, according to an Agios press release. 

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2559381, ~/Articles/ArticleHandler.aspx, 10/1/2016 3:35:27 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 18 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes