CytomX Therapeutics (NASDAQ: CTMX), a biopharmaceutical company developing products for the treatment of cancer, priced its IPO late last week at $12 per share, below its expected $14 to $16 range. It has underperformed so far, closing its first day of trading at $12.90 after opening at $16.00, then ending at $12.40 on Friday (down 3.88%). CytomX, which last raised $70 million of Series D funding at a $330 million valuation in June, had received backing from Third Rock Ventures (30.7% pre-IPO stake), Canaan Partners (17.3%) and Fidelity Management and Research Company (8.7%), among others.
NovoCure (NASDAQ: NVCR), another biotech to recently go public, also priced below its expected range earlier this month and saw shares fall in its trading debut. All in all, twelve biotech companies have IPO'd so far in the second half of 2015, including ProNAi Therapeutics (NASDAQ: DNAI), Neos Therapeutics (NASDAQ: NEOS) and Edge Therapeutics (NASDAQ: EDGE).