Published: November 3, 2023 at 12:39 pm ET
Lexeo Therapeutics Inc.’s stock, LXEO, plunged 15% in its stock market debut Friday after the company’s initial public offering was priced below its proposed price range. The share price was $11, below the $13 to $15 range. The stock trades on Nasdaq under the ticker symbol “LXEO.” The company sold 9 million shares to raise $99 million at a valuation of $271.7 million. “We are a clinical-stage genetic medicine company committed to transforming healthcare by using breakthrough science to fundamentally change the way diseases are treated,” the company said in its filing corporate. The most advanced product is LX2006, a treatment for patients…
Lexeo Therapeutics Inc. shares
LXEO
fell 15% in its trading debut on Friday after the company’s initial public offering was priced below its proposed price range. The share price was $11, below the $13 to $15 range. The stock trades on the Nasdaq under the ticker symbol “LXEO.” The company sold 9 million shares to raise $99 million at a valuation of $271.7 million. “We are a clinical-stage genetic medicine company committed to transforming healthcare by using breakthrough science to fundamentally change the way diseases are treated,” the company said in its filing corporate. The most advanced product is LX2006, a treatment for patients with Friedreich’s ataxia or FA cardiomyopathy, which is currently being evaluated in an ongoing Phase 1/2 clinical trial. FA cardiomyopathy is a disease that involves damage to the nerves that innervate the heart and changes in the heart muscle that lead to cardiomyopathy or heart muscle disease. Proceeds from the transaction will be used to advance its treatments through clinical development, including a treatment for Alzheimer’s disease. The company is making losses and generating advance income, which is not unusual for young biotech companies. The Renaissance IPO ETF
initial public offering
has gained 29% year to date, while the S&P 500
SPX
has gained 14%.
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